SEC Chair Mary Jo White announced that she will step down from the commission when President Barack Obama leaves office in January. White, who became chair of the SEC in April 2013, will be one of the longest serving chairs in the commission’s history. During her time at the helm, the agency completed the majority of its mandates under the Dodd-Frank Act and all of its mandates under the JOBS Act. The commission also instituted a new approach to enforcement through enhanced data analytics and technology.
A U.S. federal jury in San Francisco found Sasan Sabdaran, the former director of drug safety risk management at Brisbane, Calif.-based Intermune Inc., and his friend Farhang Afsarpour liable for insider trading. The SEC charged the pair in October 2014, alleging that Sabdaran tipped Afsarpour with confidential details about Intermune’s marketing application before the EMA for Esbriet (pirfenidone), a drug to treat idiopathic pulmonary fibrosis. Afsarpour, a restaurant owner in the U.K., traded on the tips by purchasing securities in his own accounts and on behalf of friends, generating more than $1 million in profits.