Connecticut doctor gets prison time for insider trading
HARTFORD, Conn. (AP) — A Connecticut cardiologist has been sentenced to six months in prison for trading stock in a life sciences company based on inside information.
Federal prosecutors say Dr. Edward Kosinski was also fined $500,000 at Tuesday’s sentencing hearing.
The 70-year-old Weston doctor was found guilty by a jury in November of securities fraud and insider trading.
Authorities say Kosinski sold 40,000 shares of Regado Biosciences stock after receiving information that patients were having allergic reactions to a drug candidate that was in clinical trials. Before the news was made public, Kosinski avoided a loss of $160,000 by selling his common stock before shares dropped by about 30 percent.
Kosinksi remains free on $500,000 bond until he reports to prison on Jan. 4.