The Securities and Exchange Commission recently announced that it reached a settlement with Philip Markin, a fifth individual charged for insider trading in Pandion Therapeutics, Inc. securities ahead of a February 2021 announcement regarding a tender offer received from Merck & Co.
According to the SEC’s complaint, which was filed on September 10, 2024, Philip Markin received a tip from his cousin, Seth Markin, to purchase Pandion securities in advance of the announcement. Seth Markin had allegedly misappropriated material nonpublic information regarding Pandion’s impending acquisition from his romantic partner, at the time, who worked for the law firm that represented Merck on the deal. Philip Markin also allegedly shared the MNPI with his friend and roommate, Jonathan Becker, who also purchased Pandion securities based on the tip. According to the SEC, Philip Markin made approximately $16,000 in illegal profits from the unlawful trades.
In July 2022, the SEC charged Seth Markin with insider trading for allegedly sharing the tip with several others, including Brandon Wong and Brian Wong. In September 2023, Becker, who was also charged for his role in the scheme, reached a settlement with the SEC.
The SEC charged Philip Markin with violating sections 10(b) and 14(e) of the Securities Exchange Act of 1934 and Rules 10b-5 and 14e-3 thereunder in connection with the unlawful trades. In his proposed settlement, Philip Markin consented to the entry of final judgment against him without admitting or denying the allegations in the complaint. Subject to the court’s approval, Philip agreed to be permanently enjoined from future violations and agreed to pay a civil penalty of approximately $32,000.
SEC Litigation Release | SEC Complaint | Proposed Judgment | SEC Litigation Release – Becker