Connecticut cardiologist sentenced to prison time, $500K fine for insider trading
A Weston, Connecticut, cardiologist was sentenced to six months in prison and handed a $500,000 fine this week after illegally trading stock in a life sciences company, the Associated Press reports.
Edward Kosinski, 70, was found guilty by a jury after he allegedly used inside information to trade stock in Regado Biosciences. He was reportedly tipped off that patients were having allergic reactions to a Regado drug candidate that was being clinically tested at the time, and sold 40,000 shares of stock before the news became public.
According to the AP, Kosinski avoided a $160,000 loss by selling the common stock before shares dropped by 30 percent.
Kosinski is expected to report to prison Jan. 4, 2019.
Read more from the AP at the link below:
After graduating from Indiana University-Bloomington with a bachelor’s in journalism, Anicka joined TriMed’s Chicago team in 2017 covering cardiology. Close to her heart is long-form journalism, Pilot G-2 pens, dark chocolate and her dog Harper Lee.