SAN DIEGO (CN) – Harry S. Yim, a staff scientist for Invitrogen, sold all his company stock and his options based on inside information that the company was in financial trouble, the SEC claims in Federal Court.
Yim, 45, of Vistas, avoided $79,851 in losses by selling his shares two days before the July 21, 2004, public release of the depressing earnings information, the SEC claims. Invitrogen share price sank by 21 percent that day. The SEC demands disgorgement and penalties. Yim was fired in July 2006. See complaint.