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French Doctor Arrested on Charges he Fed Inside Tips from a Drug Trial to a Hedge Fund Manager

From Canadian Press DataFile (November 2, 2010)

NEW YORK -- A French doctor has been accused of engaging in insider trading by passing along tips based on his work as an adviser on a clinical trial for a liver disease drug.

Yves Benhamou was arrested in Boston on Monday on charges that he fed information about the trial's progress to a hedge fund portfolio manager.

Federal prosecutors say the hedge fund was able to avoid about $30 million in losses with the inside information.

Authorities say the information pertained to tests of Albuferon. The drug was being tested for use in treating the liver disease Hepatitis C.

At the time, the 50-year-old Benhamou worked for Human Genome Science Inc., a biopharmaceutical company.

Posted: November 2010