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Theodore Huber, 56, a partner at Deerfield Management Company, L.P., a healthcare-focused hedge fund in New York, along with three others were found guilty following a four-week trial.
The hedge fund is believed to have reaped more than $7 million in profits as a result of the scheme. The group was charged with participating in a scheme, from 2009 through 2014, to defraud the government and to commit securities fraud and wire fraud using “highly sensitive and confidential information” from the Centers for Medicare & Medicaid Services (CMS).
The others found guilty included Robert Olan, 47, of New Jersey, David Blaszczak, 41, of South Carolina, and Christopher Worrall, 39, of Maryland.
According to the U.S. Attorney's Office Blaszczak was a political intelligence consultant who obtained confidential and nonpublic information from employees of the Centers for Medicare and Medicaid Services. Worrall was an employee of CMS who provided Blaszczak with the information. Blaszczak then provided this information to Huber and Olan, who recommended trades based on the information.
Huber faces up to 25 years in prison.
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