A former employee of a biotechnology firm agreed to settle SEC charges for insider trading on the confidential information of his former employer.
In a Complaint filed in the U.S. District Court for the Southern District of New York, the SEC alleged that Joseph Frank Vacante engaged in illegal insider trading in the securities of Trinity Biotech plc ("Trinity"), where he was general manager for North America. Prior to an announcement that Trinity would withdraw products from consideration by the U.S. Food and Drug Administration ("FDA"), Mr. Vacante allegedly sold the American Depositary Receipts that he had received as part of his employment, avoiding a loss of over $70,000.
To settle the charges, Mr. Vacante agreed to pay approximately $140,000 in disgorgement, interest and civil penalties. Mr. Vacante neither admitted nor denied the charges. The settlement is subject to court approval.
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