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.
People were interested in these podcasts
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.
Please read our comment policy before commenting.