SEC v. Eric J. Watson; Oliver-Barret Lindsay; and Gannon Giguiere, No. LR-26124, Southern District of New York (Sept. 24, 2024) — Press Release
raw: Eric J. Watson et al.
Eric J. Watson et al., No. 1:21-cv-05923 (S.D.N.Y. Sept. 24, 2024)
summary
Oliver-Barret Lindsay obtained a final judgment for insider trading involving Long Blockchain Company's strategic pivot, resulting in a $75,000 civil monetary penalty.
paragraph
The SEC obtained final judgment against Oliver-Barret Lindsay for insider trading related to Long Blockchain Company's pivot to blockchain technology. Lindsay received confidential tips from insider Eric Watson and passed them to Gannon Giguiere, who realized over $160,000 in illicit profits. Lindsay was ordered to pay a $75,000 civil monetary penalty and faced a permanent injunction for violating antifraud provisions.
narrative
The SEC obtained a final judgment against Oliver-Barret Lindsay for insider trading regarding Long Blockchain Company's strategic shift from beverages to blockchain technology. Lindsay received confidential information from company insider Eric Watson, who had signed a confidentiality agreement. Lindsay then tipped Gannon Giguiere, who purchased 35,000 shares just before the stock price skyrocketed. Following the announcement, Giguiere sold his shares for over $160,000 in illicit profits. Without admitting or denying the allegations, Lindsay consented to a permanent injunction against violating Section 10(b) of the Securities Exchange Act of 1934. He was also ordered to pay a $75,000 civil monetary penalty to resolve the matter.
Classified insider-trading(confidence 99%). EDGAR detection: forms 4/3/5/144· recall 81% / precision 19%. detection rule →
Parties
Securities and Exchange CommissionEric J WatsonGannon GiguiereOliver-Barret Lindsay
Keywords
securities exchangelong blockchainblockchainlindsaylongeric watsonexchange commissionblockchain technologywatsonsecuritiesexchangeseptember securitiesinsider tradingcompany's stockstock price
Exhibits & Attached Documents (1)
Extracted insights
Dollar amounts 2
- $160K $160,000 $100K–$1M
- $75K $75,000 $10K–$100K
Entities 11
- person Chevon Walker
- person eric watson
- person gannon giguiere
- person lindsay s. moilanen
- company long blockchain company
- person mary kay dunning
- scheme_term oliver-barret lindsay with insider trading
- company pivot from beverage business to blockchain technology
- person preethi krishnamurthy
- agency Securities and Exchange Commission
- person sheldon l. pollock
Triples 14
- Securities And Exchange Commission obtained final judgment against Oliver-Barret Lindsay
- Securities And Exchange Commission charged Oliver-Barret Lindsay with insider trading
- Long Blockchain Company announced pivot from beverage business to blockchain technology
- Eric Watson tipped Oliver-Barret Lindsay about unannounced plans
- Oliver-Barret Lindsay tipped Gannon Giguiere
- Gannon Giguiere purchased 35,000 shares of Long Blockchain stock
- Gannon Giguiere sold shares for over $160,000 in illicit profits
- Oliver-Barret Lindsay consented to final judgment permanently enjoining him from violations
- Oliver-Barret Lindsay ordered to pay civil monetary penalty of $75,000
- Chevon Walker led Securities And Exchange Commission litigation
- Mary Kay Dunning led Securities And Exchange Commission litigation
- Lindsay S. Moilanen led Securities And Exchange Commission litigation
- Preethi Krishnamurthy supervised Securities And Exchange Commission litigation
- Sheldon L. Pollock supervised Securities And Exchange Commission litigation
PDF (from attached: complaint)
Text layers
Extracted body text (2,068c)
U. S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26124 / September 24, 2024 Securities and Exchange Commission v. Watson et al., No. 1:21-cv-05923 (S.D.N.Y. filed July 9, 2021) SEC Obtains Final Judgment in Insider Trading Case On September 20, 2024, the Securities and Exchange Commission obtained a final judgment against defendant Oliver-Barret Lindsay, a Canadian citizen, whom the SEC previously charged with insider trading in advance of an announcement by Long Blockchain Company (formerly known as Long Island Iced Tea Co.) that it was going to "pivot" from its existing beverage business to blockchain technology, which caused the company's stock price to soar. The SEC's complaint was filed on July 9, 2021, in federal district court in the Southern District of New York. The complaint alleged that Lindsay's co-defendant Eric Watson, a Long Blockchain insider who had signed a confidentiality agreement not to disclose the company's business plans, tipped Lindsay about Long Blockchain's unannounced plans to pivot to blockchain technology. The complaint further alleged that Lindsay then tipped his friend and co-defendant, Gannon Giguiere, who purchased 35,000 shares of Long Blockchain stock within hours of receiving confidential information about Long Blockchain from Lindsay. According to the complaint, the company's stock price skyrocketed after a press release was issued announcing its shift to blockchain technology. The complaint further alleged that within two hours of the announcement, Giguiere sold his shares for over $160,000 in illicit profits. Without admitting or denying the SEC's allegations, Lindsay consented to entry of a final judgment permanently enjoining him from violations of the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and ordering him to pay a civil monetary penalty of $75,000. The SEC's litigation is being led by Chevon Walker, Mary Kay Dunning, and Lindsay S. Moilanen and is being supervised by Preethi Krishnamurthy and Sheldon L. Pollock.
OCR text (2,068c · html-text · 99% conf)
U. S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26124 / September 24, 2024 Securities and Exchange Commission v. Watson et al., No. 1:21-cv-05923 (S.D.N.Y. filed July 9, 2021) SEC Obtains Final Judgment in Insider Trading Case On September 20, 2024, the Securities and Exchange Commission obtained a final judgment against defendant Oliver-Barret Lindsay, a Canadian citizen, whom the SEC previously charged with insider trading in advance of an announcement by Long Blockchain Company (formerly known as Long Island Iced Tea Co.) that it was going to "pivot" from its existing beverage business to blockchain technology, which caused the company's stock price to soar. The SEC's complaint was filed on July 9, 2021, in federal district court in the Southern District of New York. The complaint alleged that Lindsay's co-defendant Eric Watson, a Long Blockchain insider who had signed a confidentiality agreement not to disclose the company's business plans, tipped Lindsay about Long Blockchain's unannounced plans to pivot to blockchain technology. The complaint further alleged that Lindsay then tipped his friend and co-defendant, Gannon Giguiere, who purchased 35,000 shares of Long Blockchain stock within hours of receiving confidential information about Long Blockchain from Lindsay. According to the complaint, the company's stock price skyrocketed after a press release was issued announcing its shift to blockchain technology. The complaint further alleged that within two hours of the announcement, Giguiere sold his shares for over $160,000 in illicit profits. Without admitting or denying the SEC's allegations, Lindsay consented to entry of a final judgment permanently enjoining him from violations of the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and ordering him to pay a civil monetary penalty of $75,000. The SEC's litigation is being led by Chevon Walker, Mary Kay Dunning, and Lindsay S. Moilanen and is being supervised by Preethi Krishnamurthy and Sheldon L. Pollock.