SEC Charges Former Goldman Sachs Officer For Insider Trading On 2 M&A Deals

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  • The Securities and Exchange Commission has charged a former Goldman Sachs GS compliance analyst with using confidential information to generate over $471,000 in ill-gotten gains.
  • The suit alleges that Jose Luis Casero Sanchez made more than $70,000 by using the information on Jazz Pharmaceuticals Plc's JAZZ acquisition of G.W. Pharmaceuticals
  • Related: Jazz To Acquire Cannabinoid Drug Company GW Pharma For $7.2B.
  • Additionally, Sanchez made more than $7,000 on his purchase and sale of stock surrounding Horizon Therapeutics plc's HZNP acquisition of Viela Bio
  • Related: Horizon Therapeutics To Buy Viela For $3.05B: What You Need To Know.
  • In total, Sanchez traded in advance of at least 45 corporate events involving the company's clients, the SEC said. 
  • Sanchez's assets, as well as the accounts he used to obtain them, have been frozen. 
  • Using "highly sensitive information," Sanchez "abused" his "position of trust," using information he was paid to protect, according to the SEC, from September of 2020 to May of 2021. 
  • To avoid detection, Sanchez allegedly traded in multiple U.S.-based brokerage accounts held in the name of his parents.
  •  In most cases, Sanchez made modest profits off his insider information.
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