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Brief
The Securities and Exchange Commission (SEC) charged George Demos, a former Vice President at Acadia Pharmaceuticals Inc., with insider trading. The complaint alleges that Demos sold nearly all his vested Acadia stock options and shares on March 8, 2021, after learning of the FDA's decision to reject Acadia's supplemental new drug application. This case highlights the importance of compliance in preventing insider trading. The SEC's charges demonstrate the consequences of violating securities laws, with Demos facing a permanent injunction, five-year ban from serving as an officer or director, and potential civil penalties.
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