Markenzy Lapointe U.S. Attorney | U.S. Attorney for the Southern District of Florida
A Florida man has admitted guilt in an insider trading case that earned him over $1.6 million in illegal profits. Stephen George, 54, from Parkland, was involved in the Finance Department at a consumer-packaged goods company known as Company A from November 2017 until April 2023. During his tenure, he held positions such as vice president and controller.
Court documents reveal that on his last day at Company A, April 7, 2023, George accessed the company's enterprise resource planning system to generate a consolidated income statement for the first quarter of 2023. This document contained material non-public information (MNPI) showing better-than-expected financial performance. George emailed this sensitive information to himself using personal email accounts.
Beginning April 10, 2023, George started purchasing Company A securities based on this MNPI. By May 8, he had acquired 20,000 shares of common stock and 300 call option contracts. Following Company A's public announcement of its impressive quarterly earnings on May 9, the stock price rose significantly. The next day, George sold all his holdings for a profit exceeding $1.6 million.
George has pleaded guilty to one count of securities fraud and faces up to 20 years in prison when sentenced on April 28. The final sentence will be determined by a federal district court judge after considering various guidelines and factors.
The announcement was made by U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida; Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division; and Acting Special Agent in Charge Justin E. Fleck of the FBI Miami Field Office.
The FBI Miami Field Office conducted the investigation with support from the Financial Industry Regulatory Authority’s Criminal Prosecution Assistance Group.
Prosecutors handling this case include Assistant U.S. Attorneys Eli S. Rubin and Elizabeth Young for the Southern District of Florida and Trial Attorneys Matthew F. Sullivan and Matt Kahn from the Criminal Division’s Fraud Section. Asset forfeiture is being managed by Assistant U.S. Attorney Nicole Grosnoff.
This plea follows three other guilty pleas in a separate insider trading case involving Federico Nannini and others who gained over $1 million illegally through similar activities.
Further details can be found on websites related to the United States Attorney’s Office for the Southern District of Florida and the District Court for the Southern District of Florida.
