Benzinga | Oct 1, 2021 01:51PM EDT

SEC Charges Former Goldman Sachs Officer For Insider Trading On 2 M&A Deals

* The Securities and Exchange Commission has charged a former Goldman Sachs (NYSE:GS) compliance analyst with using confidential information to generate over $471,000 in ill-gotten gains.

* The suit alleges that Jose Luis Casero Sanchez made more than $70,000 by using the information on Jazz Pharmaceuticals Plc's (NASDAQ:JAZZ) acquisition of G.W. Pharmaceuticals.

* Related: Jazz To Acquire Cannabinoid Drug Company GW Pharma For $7.2B.

* Additionally, Sanchez made more than $7,000 on his purchase and sale of stock surrounding Horizon Therapeutics plc's (NASDAQ:HZNP) acquisition of Viela Bio.

* Related: Horizon Therapeutics To Buy Viela For $3.05B: What You Need To Know.

* In total, Sanchez traded in advance of at least 45 corporate events involving the company's clients, the SEC said.

* Sanchez's assets, as well as the accounts he used to obtain them, have been frozen.

* Using "highly sensitive information," Sanchez "abused" his "position of trust," using information he was paid to protect, according to the SEC, from September of 2020 to May of 2021.

* To avoid detection, Sanchez allegedly traded in multiple U.S.-based brokerage accounts held in the name of his parents.

* In most cases, Sanchez made modest profits off his insider information.