The Securities and Exchange Commission has “filed insider trading charges” against former Invitrogen scientist Harry H. Yim, 45, of Vista, California. Yim is being accused of trading . . .
. . . in Invitrogen stock immediately upon learning of non-public information about the company’s poor financial results. The complaint further alleges that, as a result of his improper stock sales, Yim avoided losses of approximately $79,581 that he otherwise would have incurred from the decline in the company’s stock price.
Of course, we’d like to think that he just didn’t know the rules. Either way, that $79k he saved probably doesn’t look so good right now.
[Link: Trading Markets.com]
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I think I might have been tempted to do the same thing at Harry H. Yim, but now I know better. I’m surprised however and wonder how he thought he would get away with it. Did any of the other scientists follow Yim’s lead and sell their stocks? What about the CEO and other higher ups?
I wonder also how much blood the SEC will take out of Yim’s hide.
Poor scoundrel.