The SEC charged stockbroker Paul T. Rampoldi and his friend William Scott Blythe III with insider trading. Allegedly, an IT executive at pharmaceutical company Ardea Biosciences tipped one of the brokers at Rampoldi’s firm about a cancer drug licensing agreement and an acquisition by AstraZeneca before the company made public announcement of the deals. The broker in turn tipped two other brokers at his firm, including Rampoldi, who told his friend Blythe. To evade detection by the compliance department where Rampoldi worked, Blythe agreed to fund the purchase of Ardea call option contracts in a brokerage account he held at a different brokerage firm and divide the profits among the group. The two other brokers and Ardea employee were charged previously. SEC
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