SEC v. Philip Markin, No. LR-26113, Southern District of New York (Sept. 19, 2024) — Press Release
raw: Philip Markin
Philip Markin, No. 1:24-cv-06831 (S.D.N.Y. Sept. 19, 2024)
summary
Philip Markin settled SEC charges for insider trading related to Merck & Co.’s acquisition of Pandion Therapeutics, resulting in a $32,724 civil penalty.
paragraph
Philip Markin was charged with violating Sections 10(b) and 14(e) of the Securities Exchange Act of 1934 following a 2021 tender offer. He allegedly earned $16,362 in profits by trading on tips provided by his cousin, Seth Markin. To settle the matter, Markin agreed to a final judgment including a permanent injunction and a $32,724 civil penalty.
narrative
The SEC reached a settlement with Philip Markin, the fifth individual charged in an insider trading scheme involving Merck & Co., Inc.’s acquisition of Pandion Therapeutics, Inc. Markin allegedly profited approximately $16,362 by trading on material nonpublic information provided by his cousin, Seth Markin. This information was originally misappropriated from a law firm associate representing Merck. Additionally, Philip Markin tipped his friend, Jonathan Becker, who was also separately charged. The SEC charged Markin with violating Sections 10(b) and 14(e) of the Securities Exchange Act of 1934 and related rules. Without admitting or denying the allegations, Markin consented to a final judgment that includes a permanent injunction and a $32,724 civil penalty.
Classified insider-trading(confidence 100%). EDGAR detection: forms 4/3/5/144· recall 81% / precision 19%. detection rule →
Statutes
Sections 10(b) and 14(e) of the Securities Exchange ActSections 10(b) and 14(e) of the Securities Exchange Act
Parties
Securities and Exchange CommissionPhilip Markin
Keywords
philip markinmarkinsecphilipsecurities exchangeinsider tradingmarket abuseabuse unittradingexchange commissionfifth individualtrading schemetender offermarkin tippedseth markin
Exhibits & Attached Documents (1)
Extracted insights
Dollar amounts 2
- $33K $32,724 $10K–$100K
- $16K $16,362 $10K–$100K
Entities 6
- person jonathan becker
- person joseph g. sansone
- person philip markin
- agency Securities and Exchange Commission
- person seth markin
- scheme_term seth markin with insider trading on july 25, 2022
Triples 12
- Securities And Exchange Commission reaches settlement with Philip Markin
- Securities And Exchange Commission announced settled charges against Philip Markin
- Philip Markin made approximately $16,362 from illegally trading ahead of the February 2021 tender offer announcement by Merck & Co., Inc.
- Seth Markin tipped Philip Markin about the deal
- Seth Markin misappropriated material nonpublic information from his then‑romantic partner
- Securities And Exchange Commission charged Seth Markin with insider trading on July 25, 2022
- Securities And Exchange Commission charged Philip Markin with violating Sections 10(b) and 14(e) of the Securities Exchange Act of 1934 and Rules 10b‑5 and 14e‑3
- Philip Markin tipped Jonathan Becker
- Securities And Exchange Commission charged Jonathan Becker on September 20, 2023
- Philip Markin consented to entry of a final judgment ordering him to pay a civil penalty of $32,724
- Joseph G. Sansone supervised the case
- Securities And Exchange Commission appreciates assistance of U.S. Attorney’s Office For The Southern District Of New York, Federal Bureau Of Investigation, and Financial Industry Regulatory Authority
PDF (from attached: complaint)
Text layers
Extracted body text (2,192c)
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26113 / September 19, 2024 SEC v. Philip Markin, No. 1:24-cv-06831 (S.D.N.Y. filed Sept. 10, 2024) SEC Reaches Settlement with Fifth Individual Charged In Insider Trading Scheme The Securities and Exchange Commission today announced settled charges against Philip Markin, the fifth individual charged in connection with an insider trading scheme to trade ahead of a pharmaceutical company tender offer. According to the SEC’s complaint, filed on September 10, 2024, Philip Markin made approximately $16,362 from illegally trading ahead of the February 2021 announcement of a tender offer by Merck & Co., Inc., to acquire Pandion Therapeutics, Inc. The SEC’s complaint alleges that Philip Markin was tipped about the deal by his cousin, Seth Markin, who misappropriated the material nonpublic information from his then-romantic partner, who worked as an associate for a law firm representing Merck. The SEC previously charged Seth Markin with insider trading on July 25, 2022. Philip Markin also tipped a friend, Jonathan Becker, who the SEC charged on September 20, 2023. The case originated from the SEC Enforcement Division’s Market Abuse Unit Analysis and Detection Center, which uses data analysis tools to detect suspicious trading patterns. The SEC’s complaint charges Philip Markin with violating Sections 10(b) and 14(e) of the Securities Exchange Act of 1934 and Rules 10b-5 and 14e-3 thereunder. Without admitting or denying the allegations in the SEC’s complaint, Philip Markin consented to the entry of a final judgment, subject to court approval, that would permanently enjoin him from violating the charged provisions, and order him to pay a civil penalty in the amount of $32,724. The SEC’s investigation was conducted by Tracy Sivitz and John Rymas of the Market Abuse Unit, and by Chevon Walker and Neil Hendelman of the New York Regional Office. This case has been supervised by Market Abuse Unit Chief Joseph G. Sansone. The SEC appreciates the assistance of the U.S. Attorney’s Office for the Southern District of New York, the Federal Bureau of Investigation, and the Financial Industry Regulatory Authority.
OCR text (2,192c · html-text · 99% conf)
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26113 / September 19, 2024 SEC v. Philip Markin, No. 1:24-cv-06831 (S.D.N.Y. filed Sept. 10, 2024) SEC Reaches Settlement with Fifth Individual Charged In Insider Trading Scheme The Securities and Exchange Commission today announced settled charges against Philip Markin, the fifth individual charged in connection with an insider trading scheme to trade ahead of a pharmaceutical company tender offer. According to the SEC’s complaint, filed on September 10, 2024, Philip Markin made approximately $16,362 from illegally trading ahead of the February 2021 announcement of a tender offer by Merck & Co., Inc., to acquire Pandion Therapeutics, Inc. The SEC’s complaint alleges that Philip Markin was tipped about the deal by his cousin, Seth Markin, who misappropriated the material nonpublic information from his then-romantic partner, who worked as an associate for a law firm representing Merck. The SEC previously charged Seth Markin with insider trading on July 25, 2022. Philip Markin also tipped a friend, Jonathan Becker, who the SEC charged on September 20, 2023. The case originated from the SEC Enforcement Division’s Market Abuse Unit Analysis and Detection Center, which uses data analysis tools to detect suspicious trading patterns. The SEC’s complaint charges Philip Markin with violating Sections 10(b) and 14(e) of the Securities Exchange Act of 1934 and Rules 10b-5 and 14e-3 thereunder. Without admitting or denying the allegations in the SEC’s complaint, Philip Markin consented to the entry of a final judgment, subject to court approval, that would permanently enjoin him from violating the charged provisions, and order him to pay a civil penalty in the amount of $32,724. The SEC’s investigation was conducted by Tracy Sivitz and John Rymas of the Market Abuse Unit, and by Chevon Walker and Neil Hendelman of the New York Regional Office. This case has been supervised by Market Abuse Unit Chief Joseph G. Sansone. The SEC appreciates the assistance of the U.S. Attorney’s Office for the Southern District of New York, the Federal Bureau of Investigation, and the Financial Industry Regulatory Authority.