SEC Charges Former Goldman Sachs Officer For Insider Trading On 2 M&A Deals

The Securities and Exchange Commission has charged a former Goldman Sachs GS compliance analyst with using confidential information to generate over $471,000 in ill-gotten gains.
The suit alleges that Jose Luis Casero Sanchez made more than $70,000 by using the information on Jazz Pharmaceuticals Plc's JAZZ acquisition of G.W. Pharmaceuticals.
Related: Jazz To Acquire Cannabinoid Drug Company GW Pharma For $7.2B.
Additionally, Sanchez made more than $7,000 on his purchase and sale of stock surrounding Horizon Therapeutics plc's HZNP acquisition of Viela Bio.
Related: Horizon Therapeutics To Buy Viela For $3.05B: What You Need To Know.
In total, Sanchez traded in advance of at least 45 corporate events involving the company's clients, the SEC said.
Sanchez's assets, as well as the accounts he used to obtain them, have been frozen.
Using "highly sensitive information," Sanchez "abused" his "position of trust," using information he was paid to protect, according to the SEC, from September of 2020 to May of 2021.
To avoid detection, Sanchez allegedly traded in multiple U.S.-based brokerage accounts held in the name of his parents.
In most cases, Sanchez made modest profits off his insider information.