By Associated Press - Wednesday, September 26, 2018

HARTFORD, Conn. (AP) - A Connecticut cardiologist has been sentenced to six months in prison for trading stock in a life sciences company based on inside information.

Federal prosecutors say Dr. Edward Kosinski was also fined $500,000 at Tuesday’s sentencing hearing.

The 70-year-old Weston doctor was found guilty by a jury in November of securities fraud and insider trading.

Authorities say Kosinski sold 40,000 shares of Regado Biosciences stock after receiving information that patients were having allergic reactions to a drug candidate that was in clinical trials. Before the news was made public, Kosinski avoided a loss of $160,000 by selling his common stock before shares dropped by about 30 percent.

Kosinksi remains free on $500,000 bond until he reports to prison on Jan. 4.

Copyright © 2024 The Washington Times, LLC.

Please read our comment policy before commenting.

Click to Read More and View Comments

Click to Hide