Free Upper West Side News, Delivered To Your Inbox
Two Upper West Side residents have pleaded guilty to insider trading in a scheme that federal officials say lasted five years and brought in more than half a million dollars in illegal profits.
Robert Yedid, 67, and Andrew Kaufman, 68–both of whom reside on the Upper West Side, according to public records–were charged alongside 77-year-old Mark Jacobs of Pennsylvania, the U.S. Attorney’s Office for the Southern District of New York announced last week.
Advertisement
Federal prosecutors say Yedid, who worked as a director at an investor relations firm for health care companies, used his access to confidential information—like upcoming mergers, clinical trial results, and earnings announcements—to tip off his friends Kaufman and Jacobs, who then made timely trades in stocks and options before the news went public.
This appears to be Yedid’s Linkedin profile.
“Robert Yedid betrayed the trust of his employer and its clients by stealing confidential information and passing it to two friends,” U.S. Attorney Jay Clayton said in a statement. “This Office is committed to prosecuting securities fraud and ensuring that insiders and their friends can’t cheat their way to profits.”
According to court documents, Kaufman made over $480,000 in profits from the trades and gave Yedid half of his earnings—sometimes handing him envelopes of cash during meetings around the city. Jacobs made more than $35,000 from the illegal tips.
The scheme ran from 2019 to 2024 and involved at least six public companies, including BioDelivery Sciences, CinCor Pharma, Inspire Medical Systems, and Nano-X Imaging.
Kaufman also tried to cover his tracks. After the FBI contacted him in November 2024, he deleted spreadsheets listing his illegal trading profits—an action prosecutors say was meant to obstruct the investigation.
“Yedid established an unlawful financial advantage for his insular social circle that was not afforded to all investors,” said FBI Assistant Director in Charge Christopher G. Raia.
All three men have now pleaded guilty. Yedid and Kaufman entered their pleas on May 29, and Jacobs followed on June 6. All three are scheduled to be sentenced in September.
Advertisement
Each of the defendants faces serious prison time at sentencing. Yedid and Kaufman each pleaded guilty to securities fraud and conspiracy to commit securities fraud—charges that carry maximum sentences of 25 and 5 years, respectively. Kaufman also admitted to obstruction of justice, which adds another potential 20 years to his sentence. Jacobs, the third defendant, faces up to 5 years in prison for conspiracy to commit securities fraud. While actual sentences are up to the judge and often fall below the maximums, the potential penalties reflect the gravity of the scheme.
According to public records, Yedid owns a co-op in the West 90s which is currently on the market for $1.695 million. Public records show that Kaufman’s most recent address is at a luxury rental building, also in the West 90s.
Have a news tip? Send it to us here!
