On June 6, 2025, United States Attorney Jay Clayton and FBI Assistant Director Christopher G. Raia announced that Robert Yedid, Andrew Kaufman, and Mark Jacobs pled guilty to a five-year insider trading scheme. The trio profited over $500,000 from illegal stock and options trading using inside information from healthcare company clients of the investor relations firm where Yedid was employed.
U.S. Attorney Jay Clayton stated, "Robert Yedid betrayed the trust of his employer and its clients by stealing confidential information and passing it to two friends, Andrew Kaufman and Mark Jacobs, to make unlawful, profitable trades based on inside information." He emphasized the commitment to prosecuting securities fraud and holding insiders accountable for misusing nonpublic information.
FBI Assistant Director Christopher G. Raia remarked: "Robert Yedid abused his authority as a former investor relations director and provided his friends with material nonpublic information to obtain hundreds of thousands of dollars in illicit profits."
From 2019 to 2024, Yedid shared nonpublic information about several publicly traded healthcare companies with Kaufman and Jacobs. This included advanced notice of mergers, clinical trial results, and earnings announcements for companies like BioDelivery Sciences International Inc., CinCor Pharma, Inotiv, Inspire Medical Systems, Nano-X Imaging Ltd., and OncoCyte Corp.
Kaufman generated profits exceeding $480,000 while Jacobs made more than $35,000 through trades based on Yedid's tips. Kaufman shared half of his illegal profits with Yedid in cash during meetings in New York City.
In November 2024, FBI agents approached the three men as part of their investigation. After contact by the FBI, Kaufman deleted spreadsheets documenting his illegal profits to obstruct the investigation.
Yedid pled guilty to conspiracy to commit securities fraud (maximum sentence: five years) and securities fraud (maximum sentence: 25 years). Kaufman pled guilty to conspiracy (maximum sentence: five years), securities fraud (maximum sentence: 25 years), and obstruction of justice (maximum sentence: 20 years). Jacobs pled guilty to conspiracy (maximum sentence: five years).
Sentencing is scheduled for September 2025 before Chief Judge Laura Taylor Swain. Sentences will be determined by the judge despite maximum potential sentences prescribed by Congress.
Jay Clayton praised the work of the FBI and thanked the U.S. Securities and Exchange Commission for their cooperation in this investigation. The case is being managed by Assistant U.S. Attorney Alexandra Rothman under the Office’s Securities and Commodities Fraud Task Force.
