Ariad Exec's Spouse Can't Shake Insider Trading Conviction

Law360 (March 26, 2020, 1:07 PM EDT) -- Despite testimony from a former Ariad Pharmaceuticals executive that may have crossed the line, the First Circuit on Wednesday upheld her ex-husband's conviction for trading on insider company information.

The appellate panel acknowledged that Maureen Curran, the company’s senior drug safety executive at the time, may have overstepped when she suggested her then-husband, Harold Altvater, was a bad spouse willing to ruin their marriage in the name of scoring some quick cash off of Ariad stock trades.

But the First Circuit ruled that the testimony was outweighed by a wealth of evidence demonstrating that Altvater dumped Ariad shares after Curran told...

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