SEC Accuses Filmmaker Of Trading On Drug Co. Merger Tips

Law360, Los Angeles (September 24, 2013, 4:58 PM EDT) -- The U.S. Securities and Exchange Commission on Monday charged an independent filmmaker with insider trading on impending takeovers of Millennium Pharmaceuticals Inc. and Sepracor Inc., saying he reaped illicit profits by trading on tips from a friend.

The SEC says Lawrence J. Robbins received tips from his business partner John Michael Bennett, who in turn got the information from his friend Scott Allen, prior to the acquisition announcements by the two companies. In 2011, the SEC filed insider trading charges against Allen, a former consultant at...
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