SEC v. Watson

Watson allegedly tipped his business associate, defendant Oliver-Barret Lindsay, with material nonpublic information about Long Island Iced Tea Corp.’s forthcoming announcement that it was pivoting its business from soft drink manufacturing to blockchain technology. Lindsay allegedly passed the material nonpublic information on to his friend, defendant Gannon Giguiere, who purchased 35,000 shares of LTEA stock. Giguiere allegedly sold his shares for more than $160,000 in illicit profits. According to the SEC’s complaint, Watson violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.

Summary generated from official Securities and Exchange Commission press release