SEC v. Jordan Qsar; Grant Witherspoon; Austin Bernard; and Chase Lambert, No. LR-26186, Southern District of California (Dec. 5, 2024) — Press Release
raw: Jordan Qsar, Grant Witherspoon, Austin Bernard, and Chase Lambert
Jordan Qsar, Grant Witherspoon, Austin Bernard, and Chase Lambert, No. 3:24-cv-00570 (Dec. 5, 2024)
summary
Former minor league baseball players Jordan Qsar, Austin Bernard, and Grant Witherspoon obtained final judgments for insider trading regarding the Jack in the Box acquisition of Del Taco.
paragraph
The SEC secured final judgments against Jordan Qsar, Austin Bernard, and Grant Witherspoon for insider trading ahead of the December 2021 Jack in the Box acquisition of Del Taco. The defendants, who earned combined illegal profits of approximately $164,000, were charged with violating Section 10(b) of the Exchange Act and Rule 10b-5. They were ordered to pay disgorgement, interest, and civil penalties totaling over $380,000.
narrative
The SEC obtained final judgments against former minor league baseball players Jordan Qsar, Austin Bernard, and Grant Witherspoon for insider trading related to the acquisition of Del Taco Restaurants, Inc. by Jack in the Box. Qsar obtained non-public information from a teammate at Jack in the Box and tipped Bernard and Witherspoon, who then purchased Del Taco call options. The group generated approximately $164,000 in illegal profits, with Qsar earning $56,500, Bernard $64,700, and Witherspoon $42,800. All three defendants were charged with violating Section 10(b) of the Exchange Act and Rule 10b-5. The final judgments include permanent injunctions and orders for disgorgement, interest, and civil penalties totaling more than $380,000. This enforcement action was supported by the FBI, FINRA, and the U.S. Attorney’s Office for the Southern District of California.
Classified insider-trading(confidence 99%). EDGAR detection: forms 4/3/5/144· recall 81% / precision 19%. detection rule →
Parties
Securities and Exchange CommissionJordan QsarChase LambertGrant WitherspoonAustin Bernard
Keywords
qsarjordan qsarwitherspoonbernardgrant witherspoonaustin bernardsecurities exchangeamountexchangemarket abuseabuse unitjordansecqsar grantwitherspoon austin
Extracted insights
Dollar amounts 12
- $87K $86,877 $10K–$100K
- $65K $64,700 $10K–$100K
- $65K $ 64,693 $10K–$100K
- $63K $63,194 $10K–$100K
- $57K $56,500 $10K–$100K
- $56K $56,470 $10K–$100K
- $48K $48,143 $10K–$100K
- $43K $42,800 $10K–$100K
- $43K $42,768 $10K–$100K
- $11K $ 11,440 $10K–$100K
- $10K $9,986 <$10K
- $8K $7,563 <$10K
Entities 6
- person austin bernard
- person grant witherspoon
- person inside information
- person jordan qsar
- agency Securities and Exchange Commission
- organization Securities and Exchange Commission
Triples 19
- Jordan Qsar learned from a friend and former teammate
- Jordan Qsar traded on inside information
- Jordan Qsar tipped Austin Bernard and Grant Witherspoon
- Austin Bernard used inside information to purchase Del Taco call options
- Grant Witherspoon used inside information to purchase Del Taco call options
- Jordan Qsar made $56,500 in illegal trading profits
- Austin Bernard made $64,700 in illegal trading profits
- Grant Witherspoon made $42,800 in illegal trading profits
- Securities And Exchange Commission obtained a final judgment against Jordan Qsar, Austin Bernard, and Grant Witherspoon
- Jordan Qsar consented to a final judgment permanently enjoining him from violating Section 10(b) of the Securities Exchange Act of 1934
- Jordan Qsar was ordered to pay $56,470.00 in disgorgement and $9,986.60 in prejudgment interest
- Jordan Qsar was ordered to pay a civil penalty of $63,194.00
- Austin Bernard consented to a final judgment permanently enjoining him from violating Section 10(b) of the Securities Exchange Act of 1934
- Austin Bernard was ordered to pay $64,693.00 in disgorgement and $11,440.82 in prejudgment interest
- Austin Bernard was ordered to pay a civil penalty of $86,877.00
- Grant Witherspoon consented to a final judgment permanently enjoining him from violating Section 10(b) of the Securities Exchange Act of 1934
- Grant Witherspoon was ordered to pay $42,768.00 in disgorgement and $7,563.44 in prejudgment interest
- Grant Witherspoon was ordered to pay a civil penalty of $48,143.00
- Securities And Exchange Commission appreciates assistance from the U.S. Attorney’s Office for the Southern District of California, the FBI, and the Financial Industry Regulatory Authority (FINRA)
Extracted body text (3,246c)
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26186 / December 5, 2024 Securities and Exchange Commission v. Jordan Qsar, Grant Witherspoon, Austin Bernard, and Chase Lambert, No. 3:24-cv-00570 (S.D. Cal. filed March 26, 2024) SEC Obtains Final Judgment Against Jordan Qsar, Austin Bernard, and Grant Witherspoon in Connection with Insider Trading On November 18, 2024, the Securities and Exchange Commission obtained a final judgment against Jordan Qsar. Austin Bernard and Grant Witherspoon, all former minor league baseball players the SEC charged with insider trading in advance of the December 6, 2021 announcement that Jack in the Box Inc. would acquire Del Taco Restaurants, Inc. The complaint alleges that Jordan Qsar learned about the acquisition from a friend and former teammate who was working on the acquisition at Jack in the Box. Qsar traded on the inside information and tipped Bernard and Witherspoon, who used the information to purchase Del Taco call options. According to the complaint, Qsar made about $56,500 in illegal trading profits, Bernard made approximately $64,700 and Witherspoon made approximately $42,800. Qsar consented to a final judgment permanently enjoining him from violating Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5 thereunder. Qsar was ordered to pay disgorgement in the amount of $56,470.00, representing his net profits gained from the conduct alleged in the Complaint, together with prejudgment interest in the amount of $9,986.60. Qsar was also ordered to pay a civil penalty in the amount of $63,194.00. Bernard consented to a final judgment permanently enjoining him from violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Bernard was ordered to pay disgorgement in the amount of $ 64,693.00, representing his net profits gained from the conduct alleged in the Complaint, together with prejudgment interest in the amount of $ 11,440.82. Bernard was also ordered to pay a civil penalty in the amount of $86,877.00. Witherspoon consented to a final judgment permanently enjoining him from violating Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. Witherspoon was ordered to pay disgorgement in the amount of $42,768.00, representing his net profits gained from the conduct alleged in the Complaint, together with prejudgment interest in the amount of $7,563.44. Witherspoon was also ordered to pay a civil penalty in the amount of $48,143.00. The case originated from the SEC’s Market Abuse Unit’s Analysis and Detection Center, which uses data analysis tools to detect suspicious trading patterns. The SEC’s litigation was led by Charles Canter and supervised by Douglas M. Miller of the Los Angeles Regional Office. The SEC’s investigation was conducted by Sara Kalin of the Market Abuse Unit, with assistance from John Rymas of the Market Abuse Unit’s Analysis and Detection Center. It was supervised by Assistant Regional Director Diana Tani and Market Abuse Unit Chief Joseph Sansone. The SEC appreciates the assistance of the U.S. Attorney’s Office for the Southern District of California, the Federal Bureau of Investigation, and the Financial Industry Regulatory Authority (FINRA).
OCR text (3,246c · html-text · 99% conf)
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26186 / December 5, 2024 Securities and Exchange Commission v. Jordan Qsar, Grant Witherspoon, Austin Bernard, and Chase Lambert, No. 3:24-cv-00570 (S.D. Cal. filed March 26, 2024) SEC Obtains Final Judgment Against Jordan Qsar, Austin Bernard, and Grant Witherspoon in Connection with Insider Trading On November 18, 2024, the Securities and Exchange Commission obtained a final judgment against Jordan Qsar. Austin Bernard and Grant Witherspoon, all former minor league baseball players the SEC charged with insider trading in advance of the December 6, 2021 announcement that Jack in the Box Inc. would acquire Del Taco Restaurants, Inc. The complaint alleges that Jordan Qsar learned about the acquisition from a friend and former teammate who was working on the acquisition at Jack in the Box. Qsar traded on the inside information and tipped Bernard and Witherspoon, who used the information to purchase Del Taco call options. According to the complaint, Qsar made about $56,500 in illegal trading profits, Bernard made approximately $64,700 and Witherspoon made approximately $42,800. Qsar consented to a final judgment permanently enjoining him from violating Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5 thereunder. Qsar was ordered to pay disgorgement in the amount of $56,470.00, representing his net profits gained from the conduct alleged in the Complaint, together with prejudgment interest in the amount of $9,986.60. Qsar was also ordered to pay a civil penalty in the amount of $63,194.00. Bernard consented to a final judgment permanently enjoining him from violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Bernard was ordered to pay disgorgement in the amount of $ 64,693.00, representing his net profits gained from the conduct alleged in the Complaint, together with prejudgment interest in the amount of $ 11,440.82. Bernard was also ordered to pay a civil penalty in the amount of $86,877.00. Witherspoon consented to a final judgment permanently enjoining him from violating Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. Witherspoon was ordered to pay disgorgement in the amount of $42,768.00, representing his net profits gained from the conduct alleged in the Complaint, together with prejudgment interest in the amount of $7,563.44. Witherspoon was also ordered to pay a civil penalty in the amount of $48,143.00. The case originated from the SEC’s Market Abuse Unit’s Analysis and Detection Center, which uses data analysis tools to detect suspicious trading patterns. The SEC’s litigation was led by Charles Canter and supervised by Douglas M. Miller of the Los Angeles Regional Office. The SEC’s investigation was conducted by Sara Kalin of the Market Abuse Unit, with assistance from John Rymas of the Market Abuse Unit’s Analysis and Detection Center. It was supervised by Assistant Regional Director Diana Tani and Market Abuse Unit Chief Joseph Sansone. The SEC appreciates the assistance of the U.S. Attorney’s Office for the Southern District of California, the Federal Bureau of Investigation, and the Financial Industry Regulatory Authority (FINRA).