Doctors Accused Of Illegal Stock Trading

FORT LAUDERDALE (CN) - Three doctors netted $500,000 from inside trading, after one of them, a member of the board of IVAX Corp., tipped his brother and a friend that the company might be acquired, the SEC claims in Federal Court.

The SEC claims IVAX insider Dr. Zachariah Zachariah (sic) began illegally trading just minutes after he learned the company might be acquired by Teva Pharmaceuticals. He allegedly tipped his brother, Mammen Zachariah, and a friend, Sheldon Nassberg. The SEC also accused the men of illegal trading in shares of Correctional Services Corp., after Zachariah Zachariah misappropriated inside information that it would by bought the The GEO Group.

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