Man from Parkland Admits to Committing Insider Trading
Parkland man, Stephen George, entered a guilty plea as part of an insider trading scheme that netted illegal profits of more than $1.6 million. George, 54, worked in the Finance Department at Celsius Holdings Inc. He held various positions, including vice president and controller, from November 2017 until his departure on April 7, 2023. Celsius Holdings Inc., known for its popular fitness drink and based in Boca Raton, Florida, is publicly traded on the NASDAQ.
George’s final day of work at Celsius saw him using a company computer to create a consolidated income statement indicating that the company’s first-quarter earnings exceeded expectations. This information was deemed confidential, but George still forwarded it to himself via two personal email accounts. Shortly after leaving the company, on April 10, 2023, George began trading Celsius stock. Over the following weeks, he acquired 20,000 shares of Celsius common stock and 300 call option contracts based on the inside information he obtained.
When the company publicly announced its better-than-expected first-quarter performance and record revenue on May 9, 2023, the stock price soared. Capitalizing on this surge, George sold all his shares and call options on May 10, 2023, making more than $1.6 million in profits. As a consequence of his actions, George confessed to one count of securities fraud and is set to be sentenced on April 28. The maximum sentence he could face is 20 years in federal prison, subject to the decision of the court.
To share your news with Parkland’s prized source of news, turn to Parkland Talk. Also, remember to check out Tamarac Talk, Coral Springs Talk, Coconut Creek Talk, Margate Talk, and Sunrise FL Talk for all your local updates.