SEC Nets $9.8M From AWOL Sanofi Insider Trading Suspect

Law360 (December 3, 2020, 8:39 PM EST) -- A New York federal judge ruled Wednesday that a Swiss businessman ignoring civil and criminal cases accusing him of engaging in insider trading ahead of Sanofi SA's acquisition of Bioverativ Inc. owes the U.S. Securities and Exchange Commission $9.8 million, down from the requested $14.8 million.

U.S. District Judge John G. Koeltl wrote in his order that the civil penalty of $9,889,369.28 is two times the profits gained by defendant Roland Mathys in the alleged stock scheme, which is "the appropriate civil remedy, in view of the relatively brief period of time involved in the unlawful activity."

The SEC in November...

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