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Connecticut doctor gets prison time for insider trading

September 26, 2018

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.

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