According to the SEC’s complaint, filed in federal district court in Manhattan, Brian Wong made approximately $400,000 from illegally trading ahead of a February 2021 announcement of a tender offer by Merck & Co., Inc. to acquire Pandion Therapeutics, Inc. The SEC’s complaint alleges that Brian Wong’s brother, Brandon Wong, unlawfully communicated material nonpublic information about Merck’s impending acquisition of Pandion to Brian Wong before the February 2021 announcement, and that Brian Wong purchased Pandion stock based on that information. As previously alleged in the SEC’s July 25, 2022 complaint, Brandon Wong had been tipped about the impending acquisition by his friend Seth Markin, who had misappropriated the information from Markin’s romantic partner, an attorney working on the deal.
Source: SEC Announces Additional Charges in Scheme to Trade Ahead of Pharma Tender Offer
