On February 4, 2025, the U.S. Attorney’s Office for the Southern District of Florida announced that Florida resident Stephen George had pleaded guilty to one count of securities fraud for his role in an insider trading scheme that generated more than $1.6 million in illegal profits.
According to court documents, between November 2017 and April 2023, George served as vice president and controller in a consumer-packaged goods company based in Boca Raton, Florida whose securities are publicly traded. On the last day of George’s employment, he allegedly generated a consolidated income statement that showed the company’s first-quarter performance numbers for 2023, including material nonpublic information reflecting that the company had greatly exceeded expectations for the quarter. Following his departure, George allegedly used the MNPI to purchase 20,000 shares of his former employers’ common stock and 300 call option contracts before the company’s quarterly financials were announced publicly. George allegedly sold all of his securities on the day following the announcement, enabling him to realize more than $1.6 million in personal profits.