On June 9, Chad Wiegand and Akis Eracleous, two San-Diego based brokers, pled guilty in California district court to trading in Ardea Biosciences, Inc. stock with inside information.
Mr. Wiegand and Mr. Eracleous, brokers for National Planning Corporation, admitted to trading on inside information in advance of four separate announcements between April 2009 and April 2012. Mr. Wiegand received inside information from his brother-in-law and former Ardea Biosciences employee, Michael Fefferman. Mr. Fefferman tipped Mr. Wiegand material, non-public information, related to pharmaceutical trials of RDEA594, a drug for the treatment of gout; a global agreement with Bayer HealthCare, LLC to license a developmental cancer treatment; and the acquisition of Ardea by AstraZenca PLC. Mr. Wiegand passed along the non-public information to Mr. Eracleous, a friend and business associate.
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