Posted Apr 24, 2007 04:56 pm CDT
Prosecutors say a vice president at drugmaker Amgen Inc. told her husband about favorable results from a clinical trial of a cancer drug, but warned him not to trade on the information.
Gary Melton bought stock anyway in a company that worked with Amgen to develop the drug, prosecutors say. On Monday he agreed to pay about $31,000 in an agreement with the Securities and Exchange Commission to settle insider trading charges, the Los Angeles Times reports.
Melton’s attorney, Andrew Holmes, told the Times he had this advice for his client: “You should really listen to your wife, apparently.”