SEC Expands Insider Trading Case Over Covington Stolen Data (2)

The SEC is going after another individual over an alleged insider trading scheme related to information stolen from a Covington & Burling attorney’s computer.

The agency on Tuesday said Philip Markin bought Pandion Therapeutics Inc. stock before the biotechnology company was acquired by Merck & Co. in a $1.85 billion deal. Markin allegedly traded on information he received from his cousin, Seth Markin, whose romantic partner was working on the transaction as an associate at Covington.

Philip Markin knew or was reckless in not knowing that the information was material and nonpublic, the Securities and Exchange Commission said in a ...