The Securities and Exchange Commission announced that it has charged Andrew Stiles for insider trading in the stocks of Eastman Kodak Company (KODK) and Novavax (NVAX) based on nonpublic information related to both companies’ planned government partnerships to assist in the fight against COVID-19 at the height of the pandemic. The SEC also charged Andrew Stiles’ cousin, Gray Stiles, of Richmond, Virginia, for insider trading in Kodak stock that netted the two more than $1.5 million in illegal profits. In a parallel action, the U.S. Attorney’s Office for the Southern District of New York today announced criminal charges against Andrew Stiles and Gray Stiles. "During a time of great turmoil, Andrew Stiles is alleged to have repeatedly abused his position as a government contract consultant to generate illegal trading profits," said Joseph G. Sansone, Chief of the SEC Enforcement Division’s Market Abuse Unit. "The SEC remains committed to uncovering and prosecuting those who would attempt to enrich themselves by trading on confidential information about governmental activities." Reference Link
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