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Stryker exec charged in $1.7M insider trading scheme | MassDevice.com On Call

Tue, 11/20/2012 - 8:29am
Mass Device

The Securities & Exchange Commission charges Stryker marketing executive Mark Foldy alongside a handful of others in an insider trading scheme that allegedly generated $1.7 million in illegal profits and kickbacks.

MassDevice On Call

MASSDEVICE ON CALL — Former Stryker (NYSE:SYK) marketing executive Mark Foldy was charged alongside a handful of others for his alleged participation in an insider trading scheme that federal authorities say generated $1.7 million in illegal profits and kickbacks.

Foldy allegedly schemed with Sanofi (NYSE:SNY) accounting & reporting director Mark Cupo and Celgene (NSDQ:CELG) financial reporting director John Lazorchak, illegally leaking confidential information about their companies to high school friends who conducted the trades under an "elaborate smokescreen," SEC investigators said.

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