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“Once you started you could have stopped at any time,” Ramos said. “You could not have called others. You could not have encouraged others to go all in as you did.”
Prosecutors said the two men made a total of more than $US1.4 million, most of which consisted of profits from trading by Wong, who made more than $US1.3 million and bought Markin a Rolex watch valued at approximately $US40,000, a trip to Hawaii, and a meal at a three-Michelin-starred restaurant in New York.
Markin had asked for the same sentence as Wong, saying he got details of the deal as the result of chance and hadn’t actively sought most of the confidential information that he obtained.
“Seth was motivated by factors other than greed,” his lawyers had said.
Markin, his voice cracking, told the judge on Wednesday that he found himself “lonely, isolated and weak” during the early days of the pandemic and said he was “embarrassed, degraded and remorseful” for his conduct, vowing “to use this experience to live my life in an honorable fashion”.
Prosecutors had sought a sentence of 30 to 37 months in prison, in line with federal guidelines, saying that a term of imprisonment was needed to stop people from attempting to trade based on confidential information. He had faced as much as 20 years if convicted at a trial.
Merck agreed to buy Pandion in February 2021 for $US1.85 billion, or about $US60 a share, more than double its closing price at the time.
Bloomberg
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