- The U.S. Securities and Exchange Commission has charged a former Green Mountain Coffee Roasters IT employee over allegations that he used advance access to earnings results, resulting in as much a $7 million for the accused and his friend.
- Chad McGinnis, who held a management-level position at the company, is alleged to have obtained advance information on the company's earnings and used it for trading purposes ahead of at least 12 public announcements up to the year 2010.
- Green Mountain fired McGinnis on grounds that he violated its insider trading policy.
From the article:
... According to the SEC, McGinnis and Pugach communicated frequently by phone and email around the time of the company's earnings announcements and used personal online brokerage accounts to carry out the trades. ...