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International Business Times UK
International Business Times UK
Niloy Chakrabarti

Four Convicted in $600K Insider Trading Scheme — Don't Risk Your Savings

Chinook Novartis
Haghighat shared confidential acquisition details with his stepdaughter and friends, leading to insider trading profits. (Credit: Image by kasto on Canva)

Former director of Chinook Therapeutics, Rouzbeh 'Ross' Haghighat, has been convicted alongside several others for misusing material non-public information related to a $3.2 billion merger with Novartis, which led to illicit profits exceeding $600,000.

A federal jury in New Jersey found four individuals guilty on charges of insider trading. The US Securities and Exchange Commission (SEC) also filed civil insider trading charges against Haghighat, his family members, and close friends in August, alleging they purchased securities ahead of the public announcement of the Chinook acquisition by Novartis.

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