FORMER HUMAN RESOURCES CONSULTANT PLEADS GUILTY IN MANHATTAN FEDERAL COURT TO INSIDER TRADING SCHEME THAT NETTED MORE THAN $1.1 MILLION IN ILLEGAL PROFITS

Defendant Exchanged Information About Mergers and Acquisitions of Pharmaceutical Companies for Cash Payments

19 March 2012 – Preet Bharara, the United States Attorney for the Southern District of New York, announced today that SCOTT ALLEN, a former consultant at a global human resources consulting firm (the “Consulting Firm”), pled guilty to conspiracy and securities fraud charges in connection with his participation in an insider trading scheme in which he provided material, non-public information (“Inside Information”) about mergers and acquisitions involving the securities of Millenium Pharmaceuticals, Inc. (“Millenium”) and Sepracor, Inc. (“Sepracor”).

ALLEN gave the Inside Information to co-conspirator John Bennett, a film producer and former investment professional, who traded on that information and gained more than $1.1 million in illegal profits from the scheme. ALLEN pled guilty today before U.S. District Judge Deborah A. Batts.

Scroll to Top