SEC v. Steven D. Targum et al. (insider trading, 2024)

Settled

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In August 2024 the Securities and Exchange Commission charged Steven Targum, a consultant to Frequency Therapeutics, his relative Elliot Targum and Nicholas Rosenberg with trading ahead of the February 13, 2023 announcement of negative clinical trial results, avoiding losses of about $110,000. All three consented to judgments, subject to court approval, totalling $110,449 in disgorgement, $10,840 in interest and $110,449 in penalties; Steven Targum's share is $86,750 in disgorgement and in penalty.

The record

What was ordered

Civil penalty

$110k

Disgorgement

$110k

Prejudgment interest

$10.8k

Total relief

$232k

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 August 8, 2024 as release LR-26070, filing in the District of Massachusetts.

The complaint alleges that Steven Targum, bound by a confidentiality agreement, learned of the disappointing trial results by email on February 4, 2023 and traded the next business day, and that the other two defendants traded on his information. The recorded totals add the three respondents' stated amounts.

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. 2024-08-08 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.