SEC v. Mark Klein, et al. (insider trading, 2022)

Settled

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In July 2022 the SEC charged Ampio scientific advisor Pablo Rubinstein, his brother Eduardo and son-in-law Mark Klein with selling Ampio stock after learning the FDA had found a drug study inadequate, avoiding about $226,000 and $207,000. Pablo agreed to an injunction and a penalty of about $226,000, subject to court approval.

The record

What was ordered

Civil penalty

$226k

Disgorgement

—

Prejudgment interest

—

Total relief

$226k

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 the complaint on July 28, 2022 as litigation release 25458, filed in the Southern District of New York.

The complaint alleges Pablo learned of the FDA's conclusion on August 3, 2018 and told Eduardo, who sold over 103,000 shares and within minutes told Klein, who sold 100,000 shares before the August 7 announcement.

Only Pablo's settlement is reported; the claims against Eduardo and Klein remain allegations. The earlier record showed the status as judgment and the name as 'Mark Klein, et al.'.

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. 2022-07-28 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.