Securities and Exchange CommissionSECJuan Roman, former Senior Director of Marketing Access at Acceleron Pharma Inc. was indicted on charges of insider trade. Roman, the former Senior Director of Market Access at Acceleron Pharma Inc. who was in charge of planning the marketing and selling of Acceleron’s products once they had received FDA approval, has agreed to pay upwards $200,000.
Roman, according to the SEC complaint, traded Acceleron stock and options based on information that was not publicly available about the company achieving key milestones regarding two different drug candidate candidates. The SEC claims that Roman purchased Acceleron options and stock during a blackout period for securities trading, before the FDA approved the anemia drug Reblozyl.
The SEC asserts that Roman executed these trades between December 2019 and January 2021, earning profits of $1,637 each time. Roman has consented that a final judgment be entered, which permanently bars him from violating Section 10b) of Securities Exchange Act of 1939 and Rule 10b-5 of its regulations.
Roman is also required to pay $97.752, which represents his total trading profit, as well as $15,224.22 of prejudgment interests and a $97.752 civil fine. Roman will also be barred for five years from holding any position as an officer or director in a publicly traded company.
Andrew Palid of the Market Abuse Unit at the Boston Regional Office and Eric Giroux, Chip Harper from the BRO conducted the SEC’s investigations. The SEC is grateful for the Financial Industry Regulatory Authority’s assistance.
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This case should serve as a reminder for investors to be vigilant when it comes to preventing fraud. Here are a few tips to help you avoid being a victim.
1. Conduct thorough research on a company before investing. Included in this is understanding the company’s business model and financial health as well as its leadership team.
2. Insider trading can be illegal and unethical. You should notify the SEC if you suspect that insider trading is taking place.
3. Diversify your portfolio: Do not put all of your eggs in one basket. Diversifying your portfolio will help you protect yourself from significant losses.
4. Ask for Professional Advice: Consult a financial adviser or an investment professional. They can offer valuable insights and assist you in making informed decisions.
5. Stay informed. Keep abreast of the latest developments and financial news. This will help you to spot trends and make well-informed investment decisions.
6. Do not be fooled by promises of high returns with little or no risk. Be cautious of promises that promise high returns without any risk.
Remember that there is always some level of investment risk. Investors can protect themselves from fraud by following the steps below.
SEC: What You Need to Know
The Securities Exchange Commission is an agency of the United States government that enforces federal securities laws and proposes securities rules. It also regulates the securities industry. The Securities Exchange Commission’s (SEC) mission is to protect and promote investors, ensure fair and efficient markets and facilitate capital formation. It also oversees key participants of the securities industry, including securities exchanges. securities brokers and dealer, investment advisers, and mutual fund.
