Shawn Cronin and Paul Feldman have each pleaded guilty to participating in an insider trading scheme that involved Alexion Pharmaceutical Inc.’s acquisition of Portola Pharmaceuticals Inc., the Justice Department said Tuesday.
They each pleaded guilty to one count of securities fraud before Magistrate Judge Sarah Netburn. They are scheduled to be sentenced by Judge Gregory H. Woods on May 13, according to the DOJ.
Before the acquisition was publicly announced, a then-vice president at Alexion misappropriated and provided material, nonpublic information about the acquisition to Cronin, a childhood friend, the department said.
Cronin went on to become a police ...
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