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Stryker Corporation Message Board

  • me_gtc me_gtc Dec 1, 2012 1:05 PM Flag

    SYK Insider Trader Busted!

    Nov. 20 (Bloomberg) -- Executives at Celgene Corp., Sanofi and Stryker Corp. were among six people charged for their roles in a health-care stock insider-trading ring that prosecutors said generated $1.48 million in illicit profit... Mark Foldy, 42, a marketing executive at Stryker Corp., also were charged...The tips involved ... Stryker’s announcement in May 2011 of plans to buy Orthovita Inc. for $316 million, according to the SEC.

    “What makes this case so disturbing is that three inside executives were able to exploit the information that they learned in the course of their employment to benefit such a wide group of friends and family,” said Colleen Lynch, assistant regional director of the SEC’s Philadelphia regional office...Lazorchak, Pendolino, Foldy and Deprado attended Colonia High School in New Jersey, according to the SEC.

    “Mr. Foldy is no longer an employee and we have no further comments,” Jo Johnson, a spokeswoman for Kalamazoo, Michigan- based Stryker, said in an e-mailed statement.

    I bet Foldy won't take responsibility for HIS actions.

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