12 June – LAWFUEL – The Law News Network – The United States Attorney for the Northern District of California announced that former Bowne Business Solutions employee Min T. Ma was sentenced today by U.S. District Judge Jeffrey S. White to 18 months in prison for insider trading. As part of his sentence, Mr. Ma was ordered to pay restitution in the full amount of his improper gain, totaling $197,259. Mr. Ma, of San Francisco, was arraigned on a criminal information on December 14, 2004, and pleaded guilty on January 13, 2005.
According to court documents, Mr. Ma, 29, admitted to misappropriating nonpublic information that he obtained during his employment at Bowne, while performing a desktop publishing contract for Merrill Lynch. Specifically, Mr. Ma admitted he had learned that SangStat Medical Corporation and Applied Molecular Evolution, Inc. were the potential targets of mergers with other publicly-traded corporations. He then used this information in connection with a purchase of 8,800 shares of SangStat and 10,730 shares of Applied Molecular between June and August 2003. After the mergers were publicly announced, Mr. Ma sold the 8,800 shares of SangStat stock for a net gain of $78,123 and the 10,730 shares of Applied Molecular stock for a net gain of $119,135.
This prosecution was the result of an investigation by the FBI and U.S. Attorney’s Office with assistance from the SEC. Anne-Christine Massullo and Hartley M.K. West are the Assistant U.S. Attorneys prosecuting the case.
A copy of this press release and related court filings may be found on the U.S. Attorney’s Office’s website at www.usdoj.gov/usao/can . Related court documents and information may be found on the U.S. District Court website at www.cand.uscourts.gov or on .
All press inquiries to the U.S. Attorney’s Office should be directed to Luke Macaulay at (415) 436-6757 or by email at [email protected] .