Brothers Face Federal Charges for Allegedly Falsifying Clinical Trial Data to Bump Up Stock Price
The US Attorney’s Office in New Jersey has charged 2 brothers with orchestrating a scheme to steal confidential data about an ongoing breast cancer trial, then using that information to conduct an insider trading scheme.1,2
Muhammad Saad Shoukat, 33, and Muhammad Arham Shoukat, 35, with are charged with allegedly perpetrating a market manipulation scheme and insider trading. Former New Jersey governor Chris Christie is listed as their legal counsel. Christie could not be reached for comment.
The US Securities and Exchange Commission (SEC) has filed parallel charges, seeking permanent injunctive relief, disgorgement of ill-gotten gains with prejudgment interest, and civil penalties.3
The government says the…
