On September 15, 2026, the Securities and Exchange Commission announced settled insider trading charges against Andrew Neller of South Lyon, Michigan, and Jack Alexander of Rescue, California, in connection with securities trades placed ahead of one of Okta, Inc.’s 2022 earnings announcements. The SEC alleged that Neller, a former Okta employee, obtained material nonpublic information (“MNPI”) during a companywide meeting on August 4, 2022, where he learned that the company’s financial outlook was overly optimistic and would need to be revised downward. Neller also allegedly became aware of significant turnover within Okta’s sales team and ongoing difficulties with a recent corporate acquisition. Based on this MNPI, Neller reportedly purchased Okta put options on August 30, 2022. The following day, he allegedly shared the MNPI with his close friend and former Okta colleague, Alexander, and advised him to buy put options as well. Before Okta publicly announced its reduced full-year billings guidance on the evening of August 31, 2022, Alexander allegedly sold his entire Okta holdings and purchased put options based on the tip. The day after the announcement, the company’s stock price fell 34 percent, at which point both men sold their options. According to the SEC, Neller and Alexander generated unlawful profits of $98,754.00 and $170,859.52, respectively, while Alexander also avoided losses of $59,381.78.
The SEC charged Neller and Alexander with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. In separate settlements, they each agreed to resolve the charges by consenting to cease-and-desist orders without admitting the SEC’s findings. Neller agreed to pay $98,754.00 in disgorgement along with $13,817.65 in prejudgment interest and a civil penalty of $328,995.30. Alexander agreed to pay $230,241.30 in disgorgement, $32,215.35 in prejudgment interest, and a civil penalty of $230,241.30.
SEC Administrative Proceedings Summary | Neller Order | Alexander Order