The SEC charged California-based attorney Shivbir Grewal and his wife Preetinder with insider trading on confidential information obtained from a corporate client. According to the SEC, while serving as outside counsel to Spectrum Pharmaceuticals, Grewal learned that the company was on the brink of announcing a significant decline in expected revenue due to an unanticipated drop in orders for its top-selling drug. Grewal sold his entire investment in Spectrum stock within 48 hours of getting the nonpublic information from company officials who sought the disclosure advice of his law firm. The Grewals agreed to pay $90,000 to settle the SEC’s charges. SEC
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