By Dan Christensen, BrowardBulldog.org
Impeccably dressed and unfailingly polite, Fort Lauderdale cardiologist and master Republican fundraiser Dr. Zachariah P. Zachariah testified at his insider trading trial last week about what it’s like to make and lose a fortune on Wall Street.
“I made millions of dollars in the market, and I lost millions of dollars in the market,” Zachariah told a Securities and Exchange Commission attorney. “One time I took a portfolio from $40 million up to $60 million in two months. You’d think I was a mini-Warren Buffet. Now, you think I’m a fool.”
The SEC has accused Zachariah of using nonpublic information to make nearly $1 million in illegal profits in 2005 trading the stock of two Florida companies.
If U.S. Magistrate Judge Linnea R. Johnson decides that Zachariah committed civil fraud she could impose a large fine, order him to pay back the money he made with interest, and ban him from serving as an officer or director of a publicly traded company.