The U.S. Department of Justice announced that a former vice president and controller at a NASDAQ-listed consumer goods company was sentenced in the Southern District of Florida to 13 months’ imprisonment for an insider trading scheme that generated more than USD 1.6 million in profits. The court also imposed a USD 10,000 fine and ordered over USD 200,000 in restitution and over USD 1.6 million in forfeiture. According to court documents, Stephen George used material non-public information about the company’s first-quarter 2023 financial performance after creating and emailing to himself a consolidated income statement on his last day of employment, April 7, 2023. He then bought 20,000 shares and 300 call option contracts between April 10 and May 8, 2023, and sold the positions after the company reported better-than-expected earnings and sales after market close on May 9, 2023, capturing the profits on the next trading day. George pleaded guilty in February 2025 to one count of securities fraud; the FBI Miami Field Office investigated, with assistance noted from the Financial Industry Regulatory Authority’s Criminal Prosecution Assistance Group.
U.S. Department of Justice 2025-04-29
U.S. Department of Justice secures 13-month prison sentence and forfeiture order in USD 1.6 million insider trading scheme
The U.S. Department of Justice sentenced a former vice president and controller of a NASDAQ-listed consumer goods company to 13 months in prison for an insider trading scheme yielding over USD 1.6 million in profits. Stephen George used non-public information to trade shares and options, resulting in a USD 10,000 fine, over USD 200,000 in restitution, and over USD 1.6 million in forfeiture. The FBI Miami Field Office and the Financial Industry Regulatory Authority assisted in the investigation.