Novo Nordisk Exec Charged With Insider Trading; Cash Stashed in Caribbean
A Novo Nordisk executive was fired and is being held on remand for alleged insider trading in the company’s stock, according to the Copenhagen Post. He garnered 6 million kroner by trading on Novo stock, stashing the riches in an offshore account in the Caribbean. Prosecutors declined to name the man, who is 35 years old, but said:
The trading was conducted by a person in a position of trust, it was professionally carried out and it occurred systematically over a number of years, resulting in a huge payoff.
Novo said the man was not a member of senior management:
The employee does not have managerial responsibility, but has had access to information.
Perhaps he set up his island bank account when he went on this Novo cruise to St. Thomas in March, as described by Iguana Bio:
Novo Nordisk, the global insulin-maker behemoth, is sending 3,000 of its workers down to St. Thomas aboard the VERY nice Royal Caribbean Liberty of the Sea. The 5-day long PARTAAAYY, err “training workshop” is underway as we speak.
Or perhaps his motivation was Novo’s relatively modest compensation program.
Jim Edwards, a former managing editor of Adweek, has covered drug marketing at Brandweek for four years, and is a former Knight-Bagehot fellow at Columbia University's business and journalism schools. Follow him on Twitter or send him an email.
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