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 4/10 Good --- feeds.portfolio.com http://feeds.portfolio.com/portfolio/dailybrief
| A smart take on the day's business headlines with insightful commentary and a sense of humor. ... |
Tuesday, May 13, 2008 --- 73 days ago http://www.portfolio.com/views/blogs/daily-brief/2008/05/12/sometimes-experience
| When IVAX Corp. chairman and chief executive Phillip Frost named Zachariah P. Zachariah to his company's board, he trumpeted the new director's "great knowledge and experience."
Zachariah did have several decades of experience as a cardiologist, something from which a specialty pharmaceuticals company like IVAX could truly benefit.
Unfortunately, according to federal regulators, Zachariah had experience at something else, and it has come back to bite IVAX and its new owner, Teva Pharmaceuticals.
The Securities and Exchange Commission today sued Zachariah, accusing him of trading on insider information that he obtained as an IVAX director about two months after he joined the board.
At the same time, the S.E.C. accused Zachariah — a political appointee of both President Bush and his brother, former Governor Jeb Bush of Florida — of having engaged in insider trading in shares of another company where he worked as a consultant, Correctional Services Corp.
In the IVAX matter, the S.E.C. says that Frost called Zachariah and other IVAX directors on July 6, 2005, after reaching a deal to sell the company to Teva. Although he was forbidden to trade on the information, Zachariah started doing so "within minutes" of hanging up, the commission contends.
Over time, Zachariah bought 35,000 shares of IVAX stock at an average cost of about $20.86 a share. Teva offered to buy IVAX for $26 a share, netting Zachariah a quick ... |
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