Brokers Plead Guilty To Insider Trading In Ardea Biosciences

Law360, New York (June 9, 2015, 6:17 PM EDT) -- Two San Diego-based brokers pled guilty in California federal court on Tuesday to trading in Ardea Biosciences Inc. stock with inside information they learned from a former employee of the biotechnology company, according to the U.S. Attorney for the Southern District of California.

Chad Wiegand, 42, and Akis Eracleous, 48, who worked as licensed brokers for National Planning Corp., admitted to trading on inside information about upcoming public announcements that they learned from Michael J. Fefferman, a former Ardea employee and Weigand's brother-in-law.

According to the U.S. attorney, the two men traded ahead of a series of announcements related to the...

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