Feds probe Ted Kennedy Jr.’s former company for alleged prostate cancer treatment insider trading.
The Securities and Exchange Commission (SEC) is investigating The Marwood Group, a healthcare-consulting firm co-founded by the late Senator Kennedy’s son.
SEC agents told Marwood they are recommending to charge the firm with civil insider trading. They have denied any wrongdoing.
AP reported that Kennedy said the company is cooperating fully with SEC investigation into the charges.
The investigation focusing on alleged government information passed on to Marwood clients in 2010 about a new prostate-cancer treatment developed by pharmaceutical firm Dendreon.
“I understand the SEC's concerns about the flow of government information, especially given the public's desire for more transparency,” Kennedy said via statement.
“While I have never been named or questioned by the SEC, I understand that my former company, the Marwood Group, has cooperated fully with the SEC's requests over the last three and a half years.”
Kennedy resigned his position from Marwood in January 2013 to run for office and was elected state senator in Connecticut last month.