A Parkland man pleaded guilty on Tuesday in the Southern District of Florida for his involvement in an insider trading scheme that resulted in over $1.6 million in illicit profits.
Stephen George, 54, served as a member of the Finance Department at Celsius Holdings Inc. from November 2017 until his departure on April 7, 2023. Holding roles including vice president and controller, George had access to material non-public information (MNPI) regarding Celsius’s financial performance.
The company, based in Boca Raton, Florida, is publicly traded on NASDAQ and is known for its popular fitness drink.
Court documents reveal that on his last day of employment, George used a company computer to generate a consolidated income statement showing that Celsius Holdings Inc.’s first-quarter earnings for 2023 greatly exceeded expectations. Aware that the information was confidential, George emailed the statement to himself using two personal email accounts.
Following his departure, George began trading Celsius stock on April 10, 2023, the first trading day after he left the company. Over the next several weeks, he purchased 20,000 shares of Celsius common stock and 300 call option contracts based on the inside information he had obtained.
After the company publicly reported its stronger-than-expected first-quarter performance, including record revenue, on May 9, 2023, the stock price surged. George sold all his shares and call options on May 10, 2023, reaping more than $1.6 million in profits.
George pleaded guilty to one count of securities fraud and is scheduled for sentencing on April 28. He faces a maximum penalty of 20 years in prison. A federal district court judge will determine his sentence.
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