SEC Files Insider Trading Charges Involving Drug Company Trial Results

Insider Trading Defense

Help from a Insider Trading Defense Lawyer

The Securities and Exchange Commission recently filed insider trading charges against a pair from New York for their alleged illegal tipping and trading in a drug company stock in advance of its public release of negative trial results.

Per the SEC’s court allegations, Holly Hand held the position of senior project manager responsible for supervising a drug company clinical trial. After Hand learned of negative trial results, she is alleged to have tipped Chad Calice, who proceeded to dump the entirety of his stock prior to the drug company’s public announcement of the disappointing results. The SEC contends that Chalice then tipped his uncle, who in turn sold the entirety of his position in the stock that same day. When the negative trial results were released the next morning, the stock price plummeted by roughly 50%, thus allowing Calice and his uncle to avoid losses of approximately $103,000 and $14,000, respectively.

The SEC’s insider trading complaint charged Calice and Hand with violations of the antifraud provisions of the federal securities laws. With neither admitting nor denying the SEC’s allegations, Calice and Hand consented to a final judgment that prohibits them from future violations of the charged sections of the federal securities laws, and obligates each to pay a civil monetary penalty.

Hiring an Insider Trading Defense Lawyer

David R. Chase, an insider trading defense lawyer, represents individuals nationwide in SEC insider trading investigations and SEC insider trading cases. If you are under investigation by the SEC or the Department of Justice for insider trading, call SEC insider trading defense attorney David Chase for a no cost, confidential consultation toll-free at: (800) 760-0912 or

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