SEC Sues Filmmaker for Insider Trading Ahead of Millennium Pharmaceuticals, Inc. (South San Francisco, California), Sepracor Acquisitions
After collecting just $264 on what has been called “the lowest-grossing film of 2012,” Manhattan independent filmmaker Lawrence Robbins will now have to pay more than $1 million to settle charges that he illegally profited off two local biotech acquisitions to fund his film production company. Robbins, who produced the 2012 Christian Slater horror film “Playback (Fantastic Fist Blood)” along with partner John Michael Bennett, was charged Monday by the Securities and Exchange Commission with insider trading on confidential information regarding the acquisitions of Millennium Pharmaceuticals in 2008 and Sepracor Inc. in 2009. Bennett and his friend Scott Allen, who worked at a consulting firm, were charged last week, and have pled guilty.
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