Florida man gets prison for trading on tip about Gilead deal


A Florida man was sentenced on Wednesday to one year in prison for engaging in insider trading based on a tip he received from an ex-Morgan Stanley broker about Gilead Sciences Inc's planned $11.2 billion purchase of Pharmasset Inc in 2011, prosecutors said. Jay Fung, of Delray Beach, was sentenced by U.S. District Judge Anne Thompson in Trenton, New Jersey, after pleading guilty in March 2016 to conspiracy to commit securities fraud, prosecutors said.



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