SEC v. Joseph C. Lewis

Joseph C. Lewis allegedly obtained material, nonpublic information about two public companies through his majority ownership and control of a biotechnology investment fund, according to the SEC. Lewis then allegedly violated a duty of trust and confidence by tipping this information to Carolyn W. Carter, who realized ill-gotten profits by trading in the stock of both companies on the basis of this information, according to the SEC. Separately, Lewis allegedly tipped information about one of the companies to Patrick J. O’Connor and Bryan L. Waugh, who realized ill-gotten profits by trading in that company’s stock on the basis of this information, according to the SEC.

Summary generated from official Securities and Exchange Commission press release