The U.S. Securities and Exchange Commission (SEC) has initiated a new insider trading case that involves the unauthorized acquisition of confidential merger information from a lawyer at Covington & Burling LLP. The SEC’s decision to file the case points to the involvement of the cousin of a former FBI trainee. This individual had previously been sentenced to prison for illegally obtaining details regarding a Merck & Co. deal and subsequently leaking the information to others.
For more detailed information about this case, you can read the original report on Law360.