SEC v. Madan (insider trading, 2018)

Settled

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In August 2018 the SEC settled with Anup Madan, a LabCorp scientist who bought 9,300 Sequenom shares after learning of LabCorp's tender offer on a diligence visit. He agreed to an injunction, disgorgement of about $14,023 and an equal penalty.

The record

What was ordered

Civil penalty

$14k

Disgorgement

$14k

Prejudgment interest

—

Total relief

$28k

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 SEC alleged that Madan, despite signing an insider trading policy, bought the shares over two trading days and sold on the announcement date, when the price rose 176 percent, for a profit of over $14,000. The release states that the $14,023 penalty equals the disgorgement amount.

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. 2018-08-01 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.