When the whole world was suffering the weather of the pandemic caused by Covid-19, there were some who took it as an opportunity to make money illegally. A court in the United States has convicted an Indian American who worked for Pfizer for insider trading. The former employee allegedly leaked sensitive information related to the trials of a pull and used the same to make a huge amount of money.
The man has been convicted by the US Attorney for the Southern district of New York. The accused stole information which was not public about a drug Paxlovid which was developed for treating covid.
He used the same information to illegally benefit from the stock market. The accused was involved in option trading in 2021 using the trial data. He was a senior statistical program lead on the particular drug and hence had access to all that information.
He got hold of information about the success of the drug trial on 4th of November 2021 and bought some short dated Pfizer call options. The test results were not made public by the company till the very next day. He also tipped a friend about the information. The accused made more than $270,000 from this trade.
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