Insider trading scam spurred by $11.2B Gilead deal earns a stretch in prison
A Florida man charged with insider trading on a major Gilead deal has turned over all of his profits — and then some — on his way to a one-year sentence in prison.
Back in 2011, Jay Fung, 42, got a tip from a friend and ex-Morgan Stanley broker Kevin Dowd about Gilead Sciences’ planned $11.2 billion buyout of Pharmasset. According to a Reuters story, Dowd had learned about the buyout from a director at Gilead who was a customer at his branch.
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