A Florida man has pleaded guilty to his role in an insider trading scheme that netted him over $1.6 million in illicit profits. Stephen George, 54, of Parkland, entered the plea today in the Southern District of Florida, admitting to using confidential information from his former employer to make profitable trades.
Court documents reveal that George was employed at Company A, a publicly traded consumer-packaged goods company based in Boca Raton, Florida, from November 2017 until April 7, 2023. During his time at Company A, George worked in various roles within the Finance Department, including vice president and controller. In these positions, he had access to material non-public information (MNPI) regarding the company’s financial performance.
On his last day of employment, April 7, 2023, George used a company computer to generate a confidential income statement for Company A’s first-quarter 2023 performance. The statement showed the company had exceeded profit expectations, a detail George knew would significantly impact the company’s stock price. After generating the document, he emailed it to himself using two personal email accounts.
With this inside information, George began purchasing Company A securities the following week. From April 10 to May 8, 2023, he bought 20,000 shares of the company’s stock and 300 call option contracts. On May 9, 2023, Company A publicly announced its record earnings, sending its stock price soaring. The following day, George sold all of his shares and contracts, making a profit of more than $1.6 million.
George pleaded guilty to one count of securities fraud, and is scheduled for sentencing on April 28, 2025. He faces a maximum penalty of 20 years in prison, though the final sentence will be determined by a federal district court judge, who will consider sentencing guidelines and other factors.
The case was investigated by the FBI’s Miami Field Office, with assistance from the Financial Industry Regulatory Authority’s Criminal Prosecution Assistance Group. Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, U.S. Attorney Hayden P. O’Byrne, and Acting Special Agent in Charge Justin E. Fleck of the FBI Miami Field Office made the announcement.
