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SEC Sues Doctor Linked to Disclosing Confidential Info. to Hedge Fund Manager

A French doctor is being sued by the Securities and Exchange Commission (SEC) for breaking securities laws, MarketWatch reports Tuesday. The doctor, Yves Benhamou, reportedly passed along data about a clinical trial to a hedge fund manager, breaking a confidentiality agreement with Human Genome Sciences Inc. (NASDAQ:HGSI). SEC officials allege that Benhamou told the hedge fund manager non-public details about the negative results of a clinical drug trial, before Human Genome Sciences publically disclosed the information. The hedge fund manager, in turn, sold about six million shares of the stock to avoid losing approximately million.

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