On October 25, 2016, David Hobson, an investment adviser in the Providence, Rhode Island offices of two different brokerage firms, pled guilty in the Southern District of New York to one count of conspiracy to commit securities fraud for his role in a scheme to commit insider trading with his friend and client Michael Macioco. Between 2008 and 2014, Macioco breached his duty of confidentiality to his employer, an unnamed pharmaceutical company, by providing material nonpublic information about potential acquisitions and transactions to Hobson.  Hobson used the information to execute trades for himself, for Macioco, and for other clients.  The scheme generated more than $350,000 in ill-gotten gains. In addition to Hobson’s guilty plea, Macioco pled guilty to one count of conspiracy to commit securities fraud, one count of conspiracy to commit wire fraud, and two counts of securities fraud on May 20, 2016.  United States v. Hobson, 1:16-cr-351 (S.D.N.Y.). DOJ Press Release

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