SEC charges ex-Goldman Sachs analyst with illegally profiting off biopharma mergers in insider trading scheme
A former compliance analyst abused his access to confidential and non-public information to illegally profit off of dozens of mergers and SPAC deals, including several in the biopharma sector, the SEC alleged Wednesday.
Jose Luis Casero Sanchez, a 35-year-old Spanish national working in Poland, engaged in insider trading by making at least 45 illicit trades related to the mergers of AMAG Pharmaceuticals, Viela Bio, Roivant Sciences and others, according to the SEC’s complaint. In all, Sanchez allegedly made more than $471,000 in illegal profits, placing trades ahead of merger announcements he knew would affect a company’s stock price.
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