An unexpected twist in the realm of insider trading was unveiled recently as former financial analyst Anthony Viggiano and three others are accused of insider trading, allegedly sharing confidential information over Xbox audio chat, according to the U.S. Securities and Exchange Commission (SEC).
On Thursday, it was reported that the SEC and U.S. District Court for the Southern District of New York have leveled insider trading and criminal securities fraud charges against four men including ex-financial analyst Anthony Viggiano.
Joseph Sansone, SEC Market Abuse Unit Chief, noted that “Anthony Viggiano violated his employers’ trust by misusing his access to confidential information to repeatedly and unjustly enrich himself and his friends.”
According to the SEC complaint, Viggiano acquired insider information during his time at two financial firms. He reportedly shared this information with friends Stephen Forlano and Christopher Salamone, and an individual named Nathan Bleckley.
Interestingly, Forlano purportedly used Xbox audio chat to share insider trading information. An Xbox audio call between Forlano and Bleckley allegedly containing insider knowledge about an upcoming acquisition of American ecommerce company ChannelAdvisor (ECOM) is said to have occurred on or before August 31, 2022. Following this conversation, Bleckley bought ECOM stock. When the acquisition news was announced, ECOM’s stock price rose by over 55%, resulting in a $23,003 profit for Bleckley.
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