A suburban Chicago man used insider information obtained from his spouse to purchase options in a biotech company’s stock before it was acquired by a large pharmaceutical company.
According to a federal criminal charge filed by the U.S. Attorney’s Office in Chicago, BRIAN RUBIN, 51, of Deerfield, Illinois, made $90,450 in illegal profits from the purchase and sale of stock options in the Colorado-based biotech company that employed Rubin’s spouse.
In the spring of 2019, Rubin used material, non-public information obtained from his spouse about the biotech company’s successful development of certain products and its expected acquisition by the New York-based pharmaceutical company to purchase the options ahead of a public announcement of the acquisition in June 2019, the charge alleges.
After the announcement, the biotech company’s stock price increased and Rubin exercised the options for the profit, the charge alleges. Rubin’s spouse had learned the information through her position as an account director for the biotech company’s Midwest operations, the charge alleges.
Rubin is charged with one count of securities fraud, punishable by up to 20 years in federal prison. Arraignment in federal court in Chicago has not yet been scheduled.
The U.S. Securities and Exchange Commission provided valuable assistance in the case. Assistant U.S. Attorneys Jared Hasten and Adam Rosenbloom represent the government in the criminal case.
The public is reminded that an information is not evidence of guilt. The defendant is presumed innocent and entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt.
Related Federal Cases
- Letitia James Convicts Google of Ad Monopoly Violation, New York, 2023 · Connecticut
- Live Nation/Ticketmaster Rejected DOJ Settlement, New York NY, 2023 · New York
- Letitia James Blocks Trump Tariffs, New York NY, 2023 · Connecticut
- Ticketmaster, Antitrust Violation, New York NY, 2023 · Oklahoma
- Casey David Crowther, False Statement to Lender, FL 2023 · New York
Key Facts
- State: Illinois
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →
MORE FEDERAL CRIME NEWS
White Collar CrimeWhite Collar CrimeWhite Collar CrimeWhite Collar Crime