Statement on Insider Trading Enforcement Actions Announced on June 29, 2023

Today, the SEC announced charges against 13 defendants in four separate insider trading schemes:

  • Garelick/Shvartsman/Shvartsman/Rocket One Capital LLC (for illegal insider trading in the securities of Digital World Acquisition Corporation);
  • Dagar/Bhiwapurkar (for illegal insider trading in the securities of Pfizer Inc.);
  • Dupont/Cronin/Mendoza/Kaplan/Feldman (for illegal insider trading in the securities of Portola Pharmaceuticals Inc.); and
  • Meadow/Teixeira (for illegal insider trading in the securities of numerous issuers)

The SEC alleges that these defendants, which include corporate executives and insiders, a police chief, and a SPAC board member, made more than $40 million in ill-gotten gains, collectively, from their schemes.

Source: Statement on Insider Trading Enforcement Actions Announced on June 29, 2023