Deerfield Man Charged with Insider Trading: Feds

CHICAGO — A Deerfield man is being charged with securities fraud after police said he used insider information obtained from his wife to purchase options in a biotech company's stock before it was acquired by a large pharmaceutical company. Brian Rubin, 51, could face up to 20 years in federal prison for the crime, according to the U.S. Attorney's Office.

Arraignment in federal court in Chicago had not been scheduled at the time of this report.

The feds say Rubin made $90,450 in illegal profits after buying and selling stock options in a Colorado-based biotech company that employed his wife. Rubin's wife, who police said was unaware of the transaction, is an account access director for the company's operations in the Midwest, according to the charge.

Police said Rubin used material, non-public information obtained from his wife about the company's successful development of specific products and its expected acquisition by a New York-based pharmaceutical company to purchase the options before the move was made public in June 2019.

Soon thereafter, police said the biotech company’s stock price increased and Rubin exercised the options for the profit. According to the charge, Rubin’s spouse learned the information through her position.