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Former NJ Drug Execs Sentenced in Stock Scheme

Thu, 04/17/2014 - 8:12am

NEWARK, N.J. (AP) — Two former pharmaceutical and medical technology firm executives have been sentenced for their involvement in an insider trading scheme.

New Jersey's U.S. attorney's office says Mark Cupo and 44-year-old Mark Foldy, both of Morris Plains, were sentenced Wednesday in federal court in Newark.

The 53-year-old Cupo, a former executive at Sanofi-Aventis, was sentenced to 16 months in prison after previously pleading guilty to securities fraud counts.

The 44-year-old Foldy, formerly a marketing executive at Stryker Corp., was sentenced to two years of probation including six months of home confinement. He previously pleaded guilty to securities fraud-related charges.

Prosecutors say Cupo, Foldy and two others participated in an insider trading scheme that reaped $1.4 million by trading on privileged information and exploiting deals involving several companies.

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