[ by Melanie Gretchen ] A former investment adviser with Mercer LLC pled guilty this week to a participating in a $2.6 million insider trading scheme involving drug company acquisitions in 2008 and 2009.  The adviser, facing several counts of securities fraud and a charge of conspiracy to commit securities fraud, supplied nonpublic information to a friend, who already pled guilty last November. Findings and Allegations. Scott Allen, 45, of Atlanta, was an adviser for Mercer LLC when he disclosed illegal tips about the April 2008 acquisition of Massachusetts biotech company Millennium Pharmaceutical of Japan, and about the 2009 purchase of American drug maker Sepracor by the Japanese company Dainippon Sumitomo Pharma.  In U.S. District Court in Manhattan, Allen told Judge Deborah Batts, "The motive behind my decision was primarily friendship but also for financial gain." In all, Allen pleaded guilty to 7 counts of securities fraud and a charge of conspiracy to commit securities fraud.  His trial was set to begin 3/27/12.  On Monday, Allen said in court that he had betrayed his fiduciary duty to his employees by passing tips to his friend, film producer John Bennett - an indie film producer - who, after pleading guilty, has yet to be sentenced.  Mercer is not a subject or target of this investigation. Sentencing. To date, Allen is free on $500,000 bond ahead of his 8/20/12 sentencing.  Each count of securities fraud carries a prison term of up to 20 years.  Going forward, the United States attorney's office agreed as part of Allen's plea not to seek a term longer than 57 months. For further details, go to [Bloomberg, 3/19/12].