Accused of Insider Trading: Previous High-Ranking Foot Locker Officer Faces Legal Proceedings
In a recent development, the U.S. Securities and Exchange Commission (SEC) has accused Barry Siegel, a former senior director of order planning management for North America at Foot Locker, of insider trading.
Siegel, who served at Foot Locker from 1998 to 2006 and again from 2011 to 2023, allegedly used his position to gain inside information about the company's financial performance. The SEC claims that he traded on this nonpublic information before Foot Locker's earnings reports in May 2023 and August 2023.
The alleged insider trading instances allowed Siegel to secure a profit of almost $83,000 before Foot Locker's first quarter in May 2023, and a gain of roughly $30,000 before the second quarter in August 2023.
In response to the charges, Siegel did not admit or deny the allegations. However, he has agreed to pay approximately $236,000 to settle the insider trading claims, pending court approval. The settlement also includes a ban on Siegel serving as an officer or director at a public company.
It's worth noting that these new allegations of insider trading are additional to the ones previously mentioned. The SEC argues that Siegel had access to nonpublic information about Foot Locker's operating results, including negative sales and inventory figures.
A Foot Locker spokesperson confirmed the news, stating that Siegel was a former employee who was let go during a round of layoffs in August 2023. The spokesperson further directed further inquiries to the SEC.
At the moment, there are no search results specifically reporting on any "Barry Siegel insider trading settlement," nor providing details or implications related to insider trading involving Barry Siegel or public company officers and directors.
This incident serves as a reminder of the importance of adhering to insider trading laws and regulations, and the potential consequences for those who violate them. As the case progresses, more details may become available.
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