SEC v. Brian Marc Rubin (insider trading, 2023)

Settled

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In October 2023 the Securities and Exchange Commission charged Brian Marc Rubin of Illinois with insider trading in Array BioPharma stock options ahead of Pfizer's tender offer, alleging he misappropriated information from his spouse, an Array employee, and made $90,458. Rubin consented to a judgment, subject to court approval, with disgorgement of $90,458 and $16,914 interest; a civil penalty was left to the court. A parallel criminal action was announced.

The record

What was ordered

Civil penalty

—

Disgorgement

$90.5k

Prejudgment interest

$16.9k

Total relief

$107k

Alleged gain

—

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The Securities and Exchange Commission announced this matter on October 17, 2023 as release LR-25882, filing in the Northern District of Illinois.

The complaint alleges that Rubin traded Array options on information he misappropriated from his wife, who worked at the company, before the announcement of Pfizer's acquisition by tender offer. The proposed consent judgment would enjoin him, order disgorgement and interest, and leave the penalty for later.

The Northern District of Illinois U.S. Attorney's Office announced a parallel criminal case.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Insider trading — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2023-10-17 Litigation release published

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC litigation release

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.