SEC Sues Investor Relations Director, Friends for Insider Trades

A managing director of an investor communications firm that assists pharmaceutical and biotechnology companies tipped off two friends who traded on nonpublic information to yield more than half a million dollars in illicit proceeds, the SEC alleged.

Robert Yedid shared details including drug trial results and other key financial information with Andrew Kaufman and Mark Jacobs in exchange for kickbacks, the Securities and Exchange Commission said in a complaint filed Thursday in the US District Court for the Southern District of New York.

The SEC has kept a steady pace filing new insider trading enforcement actions as the agency hones ...