The Securities and Exchange Commission announced proposed final consent judgments on July 10, 2026, against Robert Alan Yedid, Andrew Kaufman, and Mark Jacobs for insider trading that allegedly produced more than $500,000 in combined illegal profits. The SEC filed its original complaint in August 2025 in the U.S. District Court for the District of Massachusetts. The case, SEC Litigation Release LR-26582, involves trading on material nonpublic information about pharmaceutical and biotechnology companies between approximately 2019 and 2024.
What happened
The SEC alleged that Yedid, Kaufman, and Jacobs traded on material nonpublic information about clinical trial results, earnings announcements, and potential mergers and acquisitions in the pharmaceutical and biotechnology sectors. The three defendants allegedly shared tips and coordinated trades over a five-year period. The scheme generated more than $500,000 in combined illegal profits, according to the SEC complaint.
The case ran parallel to a criminal investigation by the U.S. Attorney’s Office for the District of Massachusetts. Criminal proceedings resulted in sentences for all three defendants before the SEC announced its proposed civil consent judgments in July 2026.
Key facts and defendant breakdown
| Defendant | Yedid | Kaufman | Jacobs |
| SEC disgorgement | $167,819.91 | $391,579.80 | $36,138 |
| Criminal fine | $50,000 | $95,000 | $20,000 |
| Criminal forfeiture | $244,901 | $489,802 | $36,138 |
| Sentence | 15 months prison | Time served + 450 hrs service | Probation + 225 hrs service |
Civil and criminal resolution
The SEC disgorgement totals $595,537.71 across the three defendants. The SEC indicated that disgorgement obligations are deemed satisfied by the criminal forfeiture orders already imposed. Yedid received the most severe sentence at 15 months in prison plus a $50,000 criminal fine and $244,901 forfeiture. Kaufman avoided additional prison time but faces the largest financial penalty, with $95,000 in criminal fines and $489,802 in forfeiture. Jacobs received probation with 225 hours of community service and the smallest total financial exposure at $56,138.
What investors should know
Insider trading cases in the pharmaceutical sector often involve clinical trial data and acquisition discussions that move stock prices sharply. Retail investors should understand that trading on material nonpublic information is a federal crime carrying both civil and criminal penalties. The SEC routinely coordinates with the Department of Justice in these cases, which means defendants face parallel civil disgorgement and criminal prosecution.
The SEC has signaled through recent enforcement actions that insider trading in the pharmaceutical sector remains a top priority. Between 2020 and 2026, the Commission filed over 120 insider trading cases involving clinical trial data and merger activity. Penalties have averaged 75,000 in disgorgement plus civil fines. The Yedid case aligns with this pattern.
Retail investors should note that parallel criminal prosecution significantly increases defendant exposure. Criminal forfeiture orders in insider trading cases typically exceed civil disgorgement by 40% to 60%. The Yedid defendants faced total monetary sanctions exceeding 35,000 across all three individuals when combining criminal and civil penalties.
Haselkorn & Thibaut fights for investor recovery
Haselkorn & Thibaut is a securities law firm founded by former Wall Street defense attorneys who shifted their practice to represent investors. The firm has recovered over $520 million for clients in securities matters and maintains a 98 percent success rate in resolved nontraded REIT cases. Attorneys are AV Preeminent rated through Martindale-Hubbell, designated as Super Lawyers, and hold a 5.0-star client review average. The firm operates on a contingency basis — no recovery, no fee.
Contact Haselkorn & Thibaut today
Time matters in securities fraud recovery cases. The earlier you act, the stronger your position. The firm offers a free case evaluation to assess your losses, review your account history, and explain your options under arbitration or settlement.
- Main Phone: 1-888-885-7162
- website for a free consultation
Offices in Florida, New York, Arizona, Texas, and North Carolina. Former Wall Street defense attorneys with 95+ years of combined experience. No recovery, no fee.
