BOSTON — A former executive of a global pharmaceutical company in Boston was sentenced to prison on Thursday for earning more than $250,000 through insider trading, the U.S. Attorney said.
Dishant Gupta, 41, of Hillsborough, N.J., was sentenced by U.S. District Court Judge Julia Kobick to two months in prison to be followed by one year of supervised release, U.S. Attorney Leah Foley said in a statement.
Gupta was also ordered to pay a fine of $20,000 and forfeiture of $260,078, Foley said.
Gupta pleaded guilty in October to one count of securities fraud.
According to the U.S. Securities and Exchange Commission, Gupta took part in insider trading ahead of an announcement that Ipsen Biopharmaceuticals Inc., Gupta’s employer, had agreed to acquire Epizyme Inc.
According to the SEC’s complaint, filed in the U.S. District Court for the District of Massachusetts, Gupta allegedly became aware of Ipsen’s interest in acquiring Epizyme or its premier drug months before the transaction was publicly announced.
Gupta allegedly purchased Epizyme shares while aware of that material non-public information and, after the announcement was made, sold the shares realizing approximately $260,000 in illegal profits, prosecutors said.
This is a developing story. Check back for updates as more information becomes available.
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