Litigation Releases (Philip Markin)

U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 26113 / September 19, 2024

SEC v. Philip Markin

, No. 1:24-cv-06831 (S.D.N.Y. filed Sept. 10, 2024)

SEC Reaches Settlement with Fifth Individual Charged In Insider Trading Scheme

The Securities and Exchange Commission today announced settled charges against Philip Markin, the fifth individual charged in connection with an insider trading scheme to trade ahead of a pharmaceutical company tender offer.

According to the SEC's complaint, filed on September 10, 2024, Philip Markin made approximately $16,362 from illegally trading ahead of the February 2021 announcement of a tender offer by Merck & Co., Inc., to acquire Pandion Therapeutics, Inc. The SEC's complaint alleges that Philip Markin was tipped about the deal by his cousin, Seth Markin, who misappropriated the material nonpublic information from his then-romantic partner, who worked as an associate for a law firm representing Merck. The SEC previously charged Seth Markin with insider trading onJuly 25, 2022. Philip Markin also tipped a friend, Jonathan Becker, who the SEC charged onSeptember 20, 2023.

The case originated from the SEC Enforcement Division's Market Abuse Unit Analysis and Detection Center, which uses data analysis tools to detect suspicious trading patterns.

The SEC's complaint charges Philip Markin with violating Sections 10(b) and 14(e) of the Securities Exchange Act of 1934 and Rules 10b-5 and 14e-3 thereunder. Without admitting or denying the allegations in the SEC's complaint, Philip Markin consented to the entry of a final judgment, subject to court approval, that would permanently enjoin him from violating the charged provisions, and order him to pay a civil penalty in the amount of $32,724.

The SEC's investigation was conducted by Tracy Sivitz and John Rymas of the Market Abuse Unit, and by Chevon Walker and Neil Hendelman of the New York Regional Office. This case has been supervised by Market Abuse Unit Chief Joseph G. Sansone. The SEC appreciates the assistance of the U.S. Attorney's Office for the Southern District of New York, the Federal Bureau of Investigation, and the Financial Industry Regulatory Authority.