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SEC defendant Schottenstein facing $634,893 (U.S.) order

2023-02-21 20:36 ET - Street Wire

Also Street Wire (C-APHA) Aphria Inc

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by Mike Caswell

Boston prosecutors have asked a judge to impose a $634,893 forfeiture order against David Schottenstein, the man who was to be the main witness in the Aphria Inc. insider trading trial. (All figures are in U.S. dollars.) They say that Mr. Schottenstein realized the money by providing tips to others, with those tips including advance notice of a takeover bid for Aphria. Those receiving the tips sent some of their trading profits back to Mr. Schottenstein, according to the government.

The request from prosecutors comes as part of a case the government has been pursuing against Mr. Schottenstein for a $4-million scheme from 2018. Much of the scheme centred around Aphria. Prosecutors claimed that Mr. Schottenstein was in close contact with an insider at Canadian Securities Exchange listing Green Growth Brands Ltd., a company that made a takeover bid for Aphria.

The proposed $634,893 forfeiture order is contained in a motion that prosecutors filed on Tuesday, Feb. 21, in federal court in Boston. They say that there is no dispute Mr. Schottenstein realized that amount. He previously admitted to receiving the money, making the admission when he pleaded guilty. They also say that the government is entitled to locate and dispose of any property belonging to Mr. Schottenstein as part of its efforts to collect on a forfeiture order. (The motion does not identify any particular assets that prosecutors intend to pursue.)

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