NEW YORK (AP) — The former head of a pharmaceutical company has been arrested in California on insider trading charges. Sepehr Sarshar was charged Tuesday with fraud. Authorities said he provided inside information in 2015 about a pending buyout offer to his friends and family so they could trade securities in a pharmaceutical company he had founded. Acting U.S. Attorney Audrey Strauss said Sarshar’s friends and family made nearly three-quarters of a million dollars. Sarshar was a founder and board member of Auspex Pharmaceuticals, Inc. Sarshar is a 53-year-old Encinitas, California, resident. A message was left with his defense lawyers. He was released on $1 million bail after appearing in San Diego federal court.