Federal prosecutors unsealed charges against six individuals alleging insider trading and stock manipulation that targeted biopharma companies and generated roughly $41 million in illicit gains. The indictment ties the scheme to multiple overlapping securities fraud operations that ran from June 2020 through February 2024 and names an investment banker among the defendants. The Department of Justice action follows coordinated investigations into illegal use of non‑public clinical and corporate information to trade biotech equities. The case underscores ongoing regulatory and criminal scrutiny of information flows around clinical readouts and deal announcements in the sector.