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Friday, Mar 29, 2024

SEC Investigates Amgen Exec Insider Trading

The husband of a top executive at the Thousand Oaks drug maker Amgen is the subject of a Security and Exchange Commission investigation into alleged securities fraud. The SEC says Gary K. Melton bought stock in biotech firm Abgenix Inc. days before Amgen acquired the company and used his wife, the vice president of strategic sourcing and procurement for Amgen, to receive confidential information about Abgenix and the deal. Melton made about $15,250 from the trade. He has agreed to pay about $31,000 to settle the inside trading charges without admitting wrongdoing.

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