Tuesday, July 24, 2007
Lately the SEC has filed a number of insider trading cases involving married couples. Here is another: it announced that it has filed insider trading charges against a former MDS Inc. employee who allegedly stole confidential information about MDS's impending tender offer for the shares of Molecular Devices Corp. (Molecular) and, along with his wife, used that information to trade in Molecular securities ahead of the merger's public announcement. The SEC alleges that Shane Bashir Suman, 34, of Toronto, learned about secret merger negotiations through access he had to electronic data in his job as an information technology specialist at MDS, then gave that information to his wife, Monie Rahman, 36. In the days before the tender offer became publicly known, Suman and Rahman made just over $1 million by trading in the securities of Molecular.