Insider Trading Alleged

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The Securities and Exchange Commission has filed securities fraud charges against the husband of a top executive at Amgen Inc., accusing the man of insider trading in the stock of a company that Amgen was about to acquire.


The SEC complaint released Monday alleges Gary K. Melton of Newbury Park misappropriated confidential information from his wife, Amgen’s vice president of strategic sourcing and procurement, when he bought stock days before Amgen’s acquisition of Abgenix Inc. was made public in late 2005.


Gary Melton, 54, has agreed to pay about $31,000 to settle the fraud charges, without admitting or denying any wrongdoing, the SEC said, adding that Melton saw a $15,252 profit from his trades.


The SEC did not name Melton’s wife, Farryn Melton. Amgen tipped off the SEC, prompting the investigation, Amgen spokesman David Polk told the Associated Press.

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