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  • 12/14/2017 13:58:43

    SEC charges therapist with insider trading on confidential patient disclosures

    The Securities and Exchange Commission filed charges in federal court in San Francisco on Thursday for insider trading against a licensed therapist, Kenneth Peer. Peer is charged with trading in the shares of Zulily, Inc. based on nonpublic information disclosed in confidence by his patient, a Zulily employee. During a session with the therapist, the patient revealed that Zulily would be acquired by Liberty Interactive Corp.. Peer used this material information to place illegal trades in Zulily securities before the acquisition was announced to the public. Zulily announced before the market opened on August 17, 2015 that it had agreed to be acquired by Liberty Interactive for $18.75 per share in a tender offer. Zulily stock rose by 49% from the previous day's close on the day of the announcement. Peer sold the Zulily securities that he had purchased before the announcement and reaped illegal profits of $10,228.11. Licensed counselors in the state of Washington are also bound by state laws, Washington Department of Health rules, and codes of ethics of their professional organizations to keep information shared by patients confidential. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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