⁍ A federal appeals court upheld a Connecticut doctor’s insider trading conviction on Tuesday.
⁍ The court said he defrauded Regado Biosciences by trading in the company’s shares based on non-public information he learned as an investigator in a 2014 drug trial.
⁍ A three-judge panel of the 2nd U.S. Circuit Court of Appeals said the nature of cardiologist Edward Kosinski’s role as a principal investigator for the clinical trial and the agreements he had with the company were enough to give him a fiduciary-like duty as a so-called ‘temporary insider
– A federal appeals court upheld a Connecticut doctor’s insider trading conviction on Tuesday, saying he defrauded Regado Biosciences by trading in the company’s shares based on non-public information he learned as an investigator in a 2014 drug trial. A three-judge panel of the 2nd US Circuit Court of Appeals said the nature of cardiologist Edward Kosinski’s role as a principal investigator for the clinical trial and the agreements he had with the New Jersey-based company were enough to give him a fiduciary-like duty as a so-called “temporary insider,” reports Westlaw Today.
Source: https://www.reuters.com/article/securities-kosinski-insider/doctors-conviction-on-insider-trading-amid-drug-trial-upheld-idUSL2N2GJ2G8