2024-01-03 sec-litreleases litigation_release 65 KB 2,012 chars

SEC v. Gannon Giguiere, No. LR-25920, Southern District of New York (Jan. 3, 2024) — Press Release

raw: Gannon Giguiere

Gannon Giguiere, No. 1:21-cv-05923 (S.D.N.Y. Jan. 3, 2024)

Caption
Securities and Exchange Commission v. Watson
Source PDF JSON
summary

Gannon Giguiere obtained a final judgment for insider trading on Long Blockchain Company stock, resulting in a $325,000 civil monetary penalty.

paragraph

Gannon Giguiere faced SEC charges for insider trading involving Long Blockchain Company's strategic pivot from beverages to blockchain technology. He realized over $160,000 in illicit profits by purchasing 35,000 shares based on confidential tips from co-defendants Eric Watson and Oliver-Barret Lindsay. To resolve the matter, Giguiere consented to a final judgment including a $325,000 civil monetary penalty for violating antifraud provisions.

narrative

The SEC obtained a final judgment against Gannon Giguiere for insider trading related to Long Blockchain Company's transition from a beverage business to blockchain technology. Giguiere purchased 35,000 shares after receiving confidential information from co-defendants Oliver-Barret Lindsay and Eric Watson, the latter of whom was bound by a confidentiality agreement. Following the public announcement of the pivot, the stock price skyrocketed, allowing Giguiere to realize over $160,000 in illicit profits. To settle the charges of violating Section 10(b) of the Securities Exchange Act and Rule 10b-5, Giguiere consented to a final judgment without admitting or denying the allegations. This judgment includes a permanent injunction against future violations and a $325,000 civil monetary penalty. The litigation was filed in the Southern District of New York to address the fraudulent use of non-public corporate information.

Enriched metadata

Scheme
insider-trading (100%)
Court
Southern District of New York
Case No.
1:21-cv-05923
Outcome
settled
Civil penalty
$325,000
Entity
Gannon Giguiere
Classified insider-trading(confidence 100%). EDGAR detection: forms 4/3/5/144· recall 81% / precision 19%. detection rule →
Statutes
Section 10(b) of the Securities Exchange ActRule 10b-5
Parties
Securities and Exchange CommissionEric J WatsonGannon GiguiereOliver-Barret Lindsay
Keywords
giguieresecurities exchangelong blockchainsecblockchaingannon giguiereexchange commissionlongsecuritiesexchangefinal againstinsider tradingblockchain technologycompany stockstock price

Exhibits & Attached Documents (1)

Extracted insights

Dollar amounts 2
  • $325K $325,000 $100K–$1M
  • $160K $160,000 $100K–$1M
Entities 6
  • company a pivot from beverage business to blockchain technology
  • person eric watson
  • person gannon giguiere
  • scheme_term gannon giguiere with insider trading
  • company long blockchain company
  • agency Securities and Exchange Commission
Triples 10
  • Securities And Exchange Commission obtained final judgment against Gannon Giguiere
  • Securities And Exchange Commission charged Gannon Giguiere with insider trading
  • Gannon Giguiere purchased 35,000 shares of Long Blockchain stock
  • Oliver-Barret Lindsay tip Gannon Giguiere with confidential information
  • Eric Watson tip Oliver-Barret Lindsay with confidential information
  • Eric Watson signed a confidentiality agreement not to disclose Long Blockchain’s business plans
  • Long Blockchain Company announced a pivot from beverage business to blockchain technology
  • Gannon Giguiere sold his shares for over $160,000 in illicit profits
  • Gannon Giguiere consented to entry of a final judgment permanently enjoining him from violations of Section 10(b) and Rule 10b-5
  • Securities And Exchange Commission ordered Gannon Giguiere to pay a civil monetary penalty of $325,000
PDF (from attached: complaint)
SEC v. ERIC J. WATSON · Source
Text layers
Extracted body text (2,012c) 
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 25920 / January 3, 2024 Securities and Exchange Commission v. Giguiere, et al., No. 1:21-cv-05923 (S.D.N.Y. filed July 9, 2021) SEC Obtains Final Judgment Against California Man for Insider Trading On December 28, 2023, the Securities and Exchange Commission obtained a final judgment against defendant Gannon Giguiere, 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 Giguiere purchased 35,000 shares of Long Blockchain stock within hours of receiving confidential information about Long Blockchain from his friend and co-defendant Oliver-Barret Lindsay, who had been tipped by co-defendant Eric Watson, who had signed a confidentiality agreement not to disclose Long Blockchain’s business plans. 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, Giguiere 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 $325,000. The SEC’s investigation has been conducted by Lindsay S. Moilanen, Mark R. Sylvester, Diego Brucculeri, and Sheldon L. Pollock, and the litigation is being led by Ms. Moilanen, Chevon Walker, and Mary Kay Dunning. The case is being supervised by Mr. Pollock. SEC Complaint
OCR text (2,012c · html-text · 99% conf) 
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 25920 / January 3, 2024 Securities and Exchange Commission v. Giguiere, et al., No. 1:21-cv-05923 (S.D.N.Y. filed July 9, 2021) SEC Obtains Final Judgment Against California Man for Insider Trading On December 28, 2023, the Securities and Exchange Commission obtained a final judgment against defendant Gannon Giguiere, 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 Giguiere purchased 35,000 shares of Long Blockchain stock within hours of receiving confidential information about Long Blockchain from his friend and co-defendant Oliver-Barret Lindsay, who had been tipped by co-defendant Eric Watson, who had signed a confidentiality agreement not to disclose Long Blockchain’s business plans. 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, Giguiere 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 $325,000. The SEC’s investigation has been conducted by Lindsay S. Moilanen, Mark R. Sylvester, Diego Brucculeri, and Sheldon L. Pollock, and the litigation is being led by Ms. Moilanen, Chevon Walker, and Mary Kay Dunning. The case is being supervised by Mr. Pollock. SEC Complaint

Related documents (1)