Former NJ Drug Execs Sentenced in Stock Scheme
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.