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Dr. Zachariah P. Zachariah Exonerated of All Charges in SEC Insider Trading Case

December 21, 2010
Colson Hicks Eidson

CORAL GABLES, Fla. (Dec. 21, 2010) – Prominent cardiologist and public servant, Dr. Zachariah P. Zachariah was exonerated of all charges in a long-running SEC insider trading case yesterday, today announced co-defense counsel Curtis Miner, partner at the Coral Gables-based law firm Colson Hicks Eidson, who tried the case with former Federal Judge and U.S. Attorney Thomas Scott of Cole Scott & Kissane.

The SEC brought a civil action in 2008 against Dr. Zachariah alleging that he had engaged in insider trading in the stock of two companies, IVAX Corporation and Correctional Services Corporation. After a multi-year investigation and 12 days of a bench trial, the Federal Court issued a 60-page decision exonerating Dr. Zachariah in every respect.

The Court found that the SEC had presented “scant and tenuous evidence” at trial and specifically found that Dr. Zachariah’s testimony was credible and forthright. The Court concluded: “In short, the evidence simply is not sufficient to show that Dr. Zachariah, a prominent cardiologist who has given millions of dollars to charity, who has been appointed to and considered for prominent public service positions, and who has been a devoted father to his sons, would be willing to jeopardize his reputation and his career and put his family in harm’s way all for the opportunity to make what was an insignificant profit to him in light of his means at the time evidence” at trial and specifically found that Dr. Zachariah’s testimony was truthful and forthright.

Regarding the Court’s decision, Dr. Zachariah stated: “I have always had great faith in our justice system, and I knew that I would be fully vindicated in the end. The government has put me through a long ordeal, but I am happy to be able to devote 100% of my attention again to my medical practice and to public service.”

“We are very pleased that Dr. Zachariah can now put this issue firmly to rest and get back to doing what he does best – helping patients and serving our community,” said Miner.

Dr. Zachariah was defended at trial by attorneys Thomas Scott of Cole, Scott & Kissane and Curtis Miner of Colson Hicks Eidson.