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Bush pioneer says insider trading allegations "will be proven wrong"

Prominent Broward physician Zachariah P. Zachariah, facing allegations that he broke federal securities laws, denies he bought stock in two companies based on inside information that they were about to be acquired.

The Securities and Exchange Commission, in a civil lawsuit filed last month, alleges that Zachariah received at least $585,000 in profits on information unavailable to the public.

Zachariah, 59, director of cardiology at Fort Lauderdale's Holy Cross Hospital and president of the Fort Lauderdale Heart Institute, refuted many of the SEC's allegations in court papers filed Monday night in Fort Lauderdale federal court.

Zachariah, who has raised millions of dollars for Republican candidates, also declared his innocence in an e-mail Tuesday.

''I have spent my career devoted to medicine, to public service and to charitable work, and I am very disappointed that this civil lawsuit has been brought,'' he said. ``However, I have the greatest faith in our legal system, and I firmly believe that the allegations in this lawsuit will be proven wrong.'' More here.