Federal securities regulators have won a partial victory against two brothers accused of trading on inside information in 2009 about French pharmaceutical company Sanofi’s plan to buy a Tennessee-based company. A jury in the U.S. district court in Cleveland, Ohio, found that Andrew Jacobs and Leslie Jacobs committed insider trading in the context of a tender offer, the U.S. Securities and Exchange Commission announced in a statement. At the same time, the jury also found that the brothers were not liable under a broader insider trading statute not specific to tender offers, Ned Searby, a lawyer for Leslie Jacobs, said.
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