Celator Insider Trading Schemers Spared Prison Time
Law360, Trenton (August 10, 2018, 6:10 PM EDT) -- Two men were each sentenced Friday in New Jersey federal court to a year of home confinement for their roles in an insider trading scheme involving confidential information about Celator Pharmaceuticals Inc.'s positive test results for a cancer drug and the company's impending acquisition by Jazz Pharmaceuticals PLC.
U.S. District Judge Michael A. Shipp issued those sentences in separate hearings to Richard Yu and Daniel Perez after they each pled guilty last year to a single count of securities fraud for trading on nonpublic tips they received from ex-Celator employee Evan Kita.
Yu, 28, of Pennington, New Jersey, and Perez, 29,...
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