Consultant Pleads Guilty to Insider Trading on Sanofi M&A Deal

An executive compensation consultant in California admitted to trading on confidential information he learned about Sanofi SA’s $1.9 billion acquisition of biotech firm Kadmon Holdings Inc. while working on the deal.

Frank Glassner pleaded guilty on Monday to one count of securities fraud in federal court in Manhattan. He was charged in May with using inside information to trade Kadmon stock and call options before the deal was announced in September, earning $368,000 in illegal profits.

Kadmon surged as much as 74% after the deal was announced. Glassner, 68, of Novato, California, had advised Kadmon on executive compensation issues ...