Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Thursday, February 9, 2012

SEC Charges Former Pharma Employee with Insider Trading

The SEC charged a former employee of Takeda Pharmaceuticals International, Inc. with trading on inside information about the Japanese firm’s business alliances and corporate acquisitions.  Brent Bankosky, a former Senior Director in Takeda’s U.S.-based business development group, agreed to pay more than $136,000 to settle the SEC’s charges.

The SEC’s complaint alleges that Bankosky reaped more than $63,000 of profits, achieving a 169% rate of return, by trading on non-public information about two business transactions in 2008. Takeda’s business development group worked on the transactions, a strategic alliance with Cell Genesys, Inc., and the acquisition of Millennium Pharmaceuticals, Inc., which were referred to internally by their code names, Project Ceres and Project Mercury. Bankosky’s trading violated U.S. securities laws and Takeda’s policies, which forbade employees from disclosing or trading based on inside information.

According to the SEC’s complaint, almost immediately after Bankosky joined Takeda in January 2008 as a Director in its business development group, he began to misuse confidential corporate information for his personal benefit.

http://lawprofessors.typepad.com/securities/2012/02/sec-charges-former-pharma-employee-with-insider-trading.html

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