Ex-pharma executive in Boston sentenced to jail for insider trading

A former executive of a prominent pharmaceutical company based in Boston has been handed a prison sentence for engaging in insider trading, resulting in illegal gains exceeding $250,000, as per the U.S. Attorney’s office. Dishant Gupta, a resident of Hillsborough, N.J., was sentenced to two months in prison by U.S. District Court Judge Julia Kobick, with an additional year of supervised release. Apart from the prison term, Gupta was directed to pay a $20,000 fine and forfeit $260,078. In October, Gupta admitted to one count of securities fraud.

The U.S. Securities and Exchange Commission (SEC) revealed that Gupta was involved in insider trading leading up to Ipsen Biopharmaceuticals Inc., his employer, announcing its acquisition of Epizyme Inc. The SEC’s complaint, lodged in the U.S. District Court for the District of Massachusetts, stated that Gupta had knowledge of Ipsen’s interest in acquiring Epizyme or its key drug well before the public disclosure of the deal. Exploiting this non-public information, Gupta bought shares of Epizyme and subsequently sold them for a profit of around $260,000 after the acquisition was made public, according to prosecutors.

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