Yardley Man Admits To Insider Trading, U.S. Attorney Says

A Yardley man has admitted his role in an insider trading conspiracy that profited from yet-to-be public information concerning a pharmaceutical company that developed a drug to treat cancer, Acting U.S. Attorney William E. Fitzpatrick said.

Daniel Perez, 28, pleaded guilty to one count of securities fraud.

According to documents filed in the case and statements made in court, Perez traded after learning highly-confidential information from Celator Pharmaceuticals regarding the drug Vyxeos. The information about the drug, which was undergoing clinical trials for the treatment of myeloid leukemia, was shared with him from a Celator employee and 27-year-old Yardley man, Evan Kita, authorities said.

Perez admitted that the gain resulting from his insider trading scheme was more than $150,000, but less than $250,000.

The securities fraud charge carries a potential penalty of 20 years in prison and a $5 million fine.

Kita pleaded guilty to his role in the scheme in August. Sentencing is currently set for April 18, 2017.

Acting U.S. Attorney Fitzpatrick credited special agents of the FBI, under the direction of Special Agent in Charge Timothy Gallagher in Newark, with the investigation. He also thanked the SEC for the assistance provided by its Market Abuse Unit, under the direction of Joseph Sansone, and its Philadelphia Regional Office, under the direction of G. Jeffrey Boujoukos.

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