A former cannabis executive has been indicted on charges of insider trading, according to federal court documents filed in Chicago. Anthony Marsico is accused of using confidential information from his company to purchase shares in a rival cannabis firm that was the subject of a potential acquisition.
The indictment alleges that Marsico acquired more than 900,000 shares based on non-public information about the acquisition talks, resulting in illegal profits of approximately $607,338. He reportedly sold all his shares before it was publicly announced that the acquisition would not proceed.
Marsico allegedly shared this insider information with a friend, Arthur Pizzello, who also purchased shares. Pizzello then informed Robert Quattrocchi and Timothy Carey, allowing them to make similar stock purchases.
All four individuals are charged with conspiracy to commit securities fraud. Marsico faces additional charges for six counts of securities fraud. Arraignments have yet to be scheduled in federal court.
The announcement was made by Morris Pasqual, Acting United States Attorney for the Northern District of Illinois, alongside Douglas S. DePodesta from the FBI's Chicago Field Office. The U.S. Securities and Exchange Commission has filed a civil enforcement action against the defendants and assisted in the investigation.
It is important to note that an indictment does not constitute evidence of guilt. The defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
