Insider-trading can make you rich. And, oh yes, it can also just as easily land you in jail. Haven't we all learned how well the whole "greed is good" thing worked out for from Gordon Gekko on "Wall Street?"
An in house attorney in San Diego apparently did not.
The patent agent and member of the in house team at Sequenom has pleaded guilty to insider trading charges, according to Bloomberg.
The patent agent, Aaron Scalia, had regular contact with scientists with access to Sequenom's confidential data and shared non-public information with his brother Stephen Scalia from 2008 through 2009, San Diego U.S. Attorney Laura E. Duffy said in an e-mailed statement. Stephen Scalia passed the information to other people who bought Sequenom shares and made a profit of more than $600,000, according to the statement.
Expect the in house's bar license to be dumped like a dog with flea's stock.