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Scott Allen, of Atlanta, was charged last week with securities fraud and insider trading in the U.S. District Court Southern District of New York, according to the Wall Street Journal. The government alleges that Mr. Allen and John Bennett of Norwalk, Connecticut, conspired to make more than $2.6 million in profits on insider trades of pharmaceutical stocks. Mr. Allen was a former employee of Mercer, a gloabl human resources consulting firm, and Mr. Bennett was an independent film producer and stock trader. The criminal complaint against the defendants charges that Mr. Allen allegedly obtained information regarding acquisitions by pharmaceutical companies in 2008 and 2009, and gave the information to Mr. Bennett. Mr. Bennett is charged with using the information to make $2.6 million in trades, while paying Mr. Allen $100,000 in kickbacks.
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