Dr. Zachariah P. ZachariahInsider trading figure has ties to Bush familyMay 14, 2008
The former President Bush calls him ''Zach,'' and the Bush currently in the White House calls him ``Zee Zee.''
He has been a repeat guest at the family's Crawford ranch, the White House and on Air Force One.
And when cardiologist Zachariah Zachariah had the Bushes over for dinner and served the green vegetable notoriously disliked by the former president, apparently no one flinched.
''Bush supporters flock to Zach's house like migratory birds,'' gushed former Gov. Jeb Bush at the dinner in 2004 for his brother's reelection campaign.
Zachariah's partisan zeal dating back to Ronald Reagan was the talk of Republican circles Tuesday, one day after he was charged with insider trading of IVAX stock, and in the stock of another company bought by a Boca Raton firm that employed Zachariah as a consultant. He pocketed at least $585,000 between the companies, the Securities and Exchange Commission alleges. Zachariah and his brother, Mammen Zachariah, who also faces SEC charges, were part of an elite circle of GOP fundraisers.
''He was at the top of the finance chart in Florida,'' said Fort Lauderdale lobbyist Justin Sayfie, a fellow Bush ''Ranger'' for collecting at least $200,000 in 2004. ``He was symbolic of the strong affinity that a lot of Florida Republicans felt toward the Bush family.''
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Former FCEE chair faces charges of insider tradingTampa Bay Business Journal - by Margie Manning
May 12, 2008
The Securities and Exchange Commission has accused Dr. Zachariah P. Zachariah, former chairman of the Florida Council on Economic Education, of illegal insider trading.
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In a complaint filed in federal court in Miami, the SEC alleged Zachariah illegally purchased $730,000 worth of shares of Ivax Corp., a pharmaceutical firm in Fort Lauderdale, in July 2005, minutes after he learned that Ivax was to be acquired by Teva Pharmaceuticals Industries Ltd. (NASDAQ: TEVA), despite a "blackout'" period that forbid company officers and directors from trading in the stock.
The SEC also said Zachariah later tipped off his brother, Dr. Mammen P. Zachariah, who bought $46,000 in shares on the last trading day before Ivax announced the acquisition.
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The brothers are also accused of illegally buying more than $200,000 worth of shares in Correctional Services Corp. in Sarasota before that company publicly announced in July 2005 that it would be purchased by The Geo Group (NYSE: GEO) in Boca Raton.
The brothers told a friend, Sheldon Nassberg, of the pending deal, and he also purchased stock, the SEC said.
Gutchess said Zachariah had a long history of buying stock in correctional firms and his brother and Nassberg sometimes relied on his stock advice. Although the SEC said Zachariah had several connections, Gutchess said the SEC did not specifically identify from whom Zachariah might have gotten information about the Correctional-Geo deal.
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Chipping away at BFEE corruption, one day at a time..