A former Bank of New York
Mellon Corp employee on Friday pleaded guilty to insider
trading based on tips from a former Merck & Co Inc
employee about potential pharmaceutical mergers.
Federal prosecutors in New York said David Post, 41, a
product manager at the bank, received nonpublic information from
a former Rutgers Business School classmate about three
companies: Idenix Pharmaceuticals, Ardea BioSciences and
Prosecutors did not name the classmate, but on Oct. 14 they
charged Zachary Zwerko, a former senior finance analyst with
Merck, with passing inside tips about the same three stocks to a
Rutgers classmate who worked at a bank.
The connection was confirmed when the U.S. Securities and
Exchange Commission on Friday amended a parallel civil complaint
against Zwerko to include Post as a defendant.
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U.S. stocks advanced on Friday, as earnings from Microsoft and
Procter & Gamble and easing concerns over the possible spread of
Ebola in the United States helped put the S&P on track to snap a
four-week losing skid. The Dow Jones industrial average
was up 0.60 percent at 16,777.89, the S&P 500 was up 0.49
percent at 1,960.32 and the Nasdaq Composite was up
21.88 points, or 0.49 percent, to 4,474.67.
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