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Securities Regulation, Keyed to Choi
SEC v. Bankosky
Citation:
716 F.3d 45 (2013)Facts
From January 2008 until May 2011, Brent Bankosky worked for Takeda Pharmaceuticals International, Inc., first as director and then as senior director of Global Licensing and Business Development. In these positions, he had access to material non-public information regarding Takeda’s confidential negotiations with other pharmaceutical companies concerning strategic alliances, mergers, and product acquisitions. Despite company policy prohibiting such conduct, Bankosky purchased call options in shares of four companies with which Takeda was negotiating deals. After two deals were publicly announced, he sold those options and realized profits of $63,000. His investments in the other two companies yielded no gains. During sworn testimony before the SEC, Bankosky denied having knowledge about Takeda’s negotiations with Cell Genesys before the public announcement, but emails demonstrated he was aware of and worked on the confidential project. The SEC filed suit, and Bankosky entered into a consent judgment without admitting or denying the allegations.
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