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MOELIS & COMPANY

(MC)
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U.S. charges Israeli traders in healthcare insider trading scheme

06/10/2021 | 03:48pm EDT
A gavel and a block is pictured at the George Glazer Gallery antique store in this illustration picture taken in Manhattan, New York City

NEW YORK (Reuters) - U.S. prosecutors on Thursday unveiled criminal charges in Manhattan accusing two Israeli traders of illegal trading in several biotechnology and healthcare companies in connection with a sprawling international insider trading scheme.

Tomer Feingold and Dov Malnik were accused in a 15-count indictment of securities fraud, wire fraud, tender offer fraud, concealment of a money laundering scheme, and conspiracy.

Authorities have said the defendants, who lived in Geneva, Switzerland, generated millions of dollars of profit by trading on nonpublic information concerning mergers and potential transactions involving such companies as Ariad Pharmaceuticals Inc, Avanir Pharmaceuticals Inc and InterMune Inc.

The U.S. Securities and Exchange Commission filed related civil charges against Feingold and Malnik in March 2020. Their indictment had been sealed before Thursday.

Lawyers representing Feingold and Malnik in the SEC case did not immediately respond to requests for comment. The office of U.S. Attorney Audrey Strauss in Manhattan said Malnik is in federal custody but Feingold is not.

According to the SEC, Feingold and Malnik obtained tips from another trader in Switzerland, who had obtained them from investment bankers Benjamin Taylor and Darina Windsor, who had worked respectively at Moelis & Co and Centerview Partners LLC.

The other trader, identified in media reports as Marc Demane Debih from Geneva, pleaded guilty to 38 charges and cooperated in U.S. prosecutors' insider trading case against Telemaque Lavidas, a pharmaceutical executive.

Lavidas was convicted in January 2010 and later sentenced to one year and one day in prison.

He had been among six people charged in four indictments in October 2019 over an insider trading scheme that prosecutors said generated tens of millions of dollars in illegal profit.

(Reporting by Jonathan Stempel in New York; editing by Jonathan Oatis)

By Jonathan Stempel


© Reuters 2021
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Financials (USD)
Sales 2021 1 068 M - -
Net income 2021 224 M - -
Net Debt 2021 - - -
P/E ratio 2021 16,2x
Yield 2021 8,77%
Capitalization 3 351 M 3 351 M -
Capi. / Sales 2021 3,14x
Capi. / Sales 2022 3,02x
Nbr of Employees 897
Free-Float 87,1%
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Average target price 59,00 $
Last Close Price 54,64 $
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Kenneth David Moelis Chairman & Chief Executive Officer
Navid Mahmoodzadegan Co-President & Managing Director
Jeffrey Raich Co-President & Managing Director
Joe W. Simon Chief Financial Officer
Elizabeth Ann Crain Chief Operating Officer
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