The Securities and Exchange Commission (SEC) has filed a complaint against Robert Yedid, Andrew Kaufman, and Mark Jacobs in connection with insider trading.

The complaint, submitted on August 14, 2025 at the New York Southern District Court, alleges insider trading by Andrew Kaufman and Mark Jacobs in the securities of numerous public companies based on material nonpublic information provided by Robert Yedid from at least 2019 through 2024.

During that time, Yedid was a Managing Director at a consulting firm that assists pharmaceutical and biotechnology companies with investor communications. In that role, Yedid obtained material nonpublic information about Consulting Firm’s public company clients, including drug trial results, financial and regulatory information, and mergers and acquisitions.

Yedid repeatedly shared that material nonpublic information with his close friends Kaufman and Jacobs, who then engaged in lucrative insider trading.

Kaufman shared his illicit proceeds with Yedid by handing him envelopes of cash.

Yedid repeatedly tipped his close friends, Kaufman and Jacobs, between 2019 and 2024. Yedid and Kaufman, both in their late 60’s, have known each other since college and were roommates early in their careers. They dined together regularly, sometimes joined by Jacobs. All three communicated regarding investment matters, both separately and in some cases on joint emails.

Collectively, they traded in the securities of at least five issuers based on Yedid’s tips. Armed with material nonpublic information about drug trial results, regulatory news, earnings, and mergers, Kaufman and Jacobs purchased and sold shares and derivatives, netting more than $480,000 and $36,000, respectively. Kaufman then kicked back half of his proceeds, net of taxes, to Yedid.

The SEC accuses Yedid, Kaufman, and Jacobs of violations of the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) [15 U.S.C. § 78j(b)] and Rule 10b-5 thereunder [17 C.F.R. § 240.10b-5].

The Commission brings this action against Defendants pursuant to Section 21A of the Exchange Act [15 U.S.C. § 78u-1] seeking a judgment from the Court: (a) enjoining Defendants from engaging in future violations of Section 10(b) and Rule 10b-5 thereunder by engaging in specified actions or activities relevant to such violations; (b) entering a conduct- based injunction restraining and enjoining Yedid from acting as or being associated with any broker or dealer; (c) ordering each Defendant to disgorge an amount equal to the profits gained and losses avoided as a result of the actions described herein, with prejudgment interest; (d) ordering each Defendant to pay a civil monetary penalty; and (e) entering an order prohibiting Yedid from serving as an officer or director of a public company.

Defendant Robert Yedid, age 67, resides in New York, New York. During the relevant period, Yedid served as a Managing Director of Consulting Firm and the relationship manager overseeing Consulting Firm’s services to numerous public companies. Yedid was formerly registered with several SEC-registered broker-dealers. Most recently, he was associated with Brokerage, LLC (“Brokerage”), an affiliate of Consulting Firm. Yedid held Series 7 and 24 licenses through Brokerage from 2016 to 2023, when he voluntarily surrendered his licenses.

Yedid majored in economics at Yale University and holds a Masters of Business Administration from Stanford University. Yedid has served as a director of a publicly traded biotechnology company from October 2019 to January 29, 2025. Consulting Firm fired Yedid in December 2024.

Defendant Andrew Kaufman, age 67, resides in New York, New York and is retired. Kaufman formerly worked in securities sales, trading, and research at a number of well-known registered investment advisers/broker-dealers. He was previously associated with Commission registrants between 1997 and 2001 and held Series 7 and 63 licenses, among others.

Kaufman has an undergraduate degree from Yale University and graduated from the New York University School of Law.

Defendant Mark Jacobs, age 77, resides in Malvern, Pennsylvania. Jacobs was associated with 13 different Commission registrants between 1998 and 2011. He has held Series 7 and 63 licenses, among others. Jacobs has an undergraduate degree in finance from Rider University.