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Fla. man charged in NJ with securities fraud
Friday - 1/25/2013, 6:19pm EST
NEWARK, N.J. (AP) - A Florida man faces insider trading charges in New Jersey for allegedly tipping off two people to a company acquisition.
New Jersey's U.S. Attorney on Friday announced the arrest of 37-year-old Kevin Dowd of Boca Raton on a charge of conspiracy to commit securities fraud.
Prosecutors say Dowd used his position at the Florida office of an unnamed global wealth management firm to profit from a tip that Gilead Science Inc. was buying New Jersey-based Pharmasset Inc.
Dowd allegedly told two co-conspirators about the upcoming deal, which prosecutors say Dowd learned about from a customer.
Prosecutors say the alleged co-conspirators netted more than $700,000 buying stock before the $11 billion acquisition.
They allegedly paid Dowd $35,000 for his part in the plan.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)