Spurs Tycoon Lewis Pleads Guilty To Insider Trading: Prosecutor [Barron's]
Mirati Therapeutics, Inc. (MRTX)
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Source: Barrons
Lewis, 86, was accused of furnishing employees, including his private pilots, and lovers with insider information for years in a "brazen" scheme between 2013 and 2021 that raked in millions of dollars. He was charged in the case six months ago, initially pleading not guilty with his lawyer calling the charges an "egregious error." One of Lewis' companies has been ordered to pay $50 million in penalties in connection with the plea made before a US judge, the prosecutor said. Lewis pled guilty to one count of conspiracy to commit securities fraud, which carries a maximum potential sentence of five years imprisonment, and two counts of securities fraud, which each carry a maximum potential sentence of 20 years in prison. His sentence will be handed down at a date yet to be announced. "While I possessed material non-public information about certain publicly traded companies, I agreed to make recommendations" to three other parties to buy that stock, Lewis told judge Jessica Cla
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