01:38:38 EDT Sun 19 May 2024
Enter Symbol
or Name

Login ID:

SEC defendant Schottenstein facing four-year sentence

2023-03-16 20:51 ET - Street Wire

Also Street Wire (C-APHA) Aphria Inc

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

Boston prosecutors have asked for a jail term of nearly four years for David Schottenstein, the Florida man who pleaded guilty to insider trading charges arising from a $4-million scheme that included Aphria Inc. of Ontario. (All figures are in U.S. dollars.) The government says that Mr. Schottenstein's actions were "manifestly criminal," involving secret meetings, cover stories and cheating investors. Moreover, they came with Mr. Schottenstein having led a life of "rare privilege," being worth tens of millions of dollars before the age of 40.

The request from prosecutors comes as part of a case they have been pursuing over insider trades in four companies. Most of the gains came from trades in Aphria, with Mr. Schottenstein learning from his cousin, an insider at Canadian Securities Exchange listing Green Growth Brands Ltd., about an upcoming takeover bid. While the bid was ultimately unsuccessful, Mr. Schottenstein and those he tipped used the information to generate over $2.2-million in gains, the government claims.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2024 Canjex Publishing Ltd. All rights reserved.

Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.

He and his family suffered "prolonged ridicule" within his community. BOO HOO Should had thought of it before, he started hounding his cousin.

Posted by mrhappyone at 2023-03-17 20:30

Comments for this item are closed