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The Securities and Exchange Commission (SEC) announced today that it has charged two hedge fund managers and their source, a former government official, for deceptively obtaining confidential information from the U.S. Food and Drug Administration (FDA).
A third hedge fund manager employed by the same investment advisory firm as the alleged insider traders was also charged for falsely inflating assets in portfolios he managed.
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It is alleged that Sanjay Valvani reaped unlawful profits of nearly $32 ... (read more)