The U.S. SEC charged three individuals that allegedly conducted insider trading related to the Long Blockchain company back in 2017. One of the individuals allegedly traded stocks ahead of the name change that gave the company a price boost. The other two individuals were tipped and took advantage of the data to trade accordingly, the U.S. regulator says. Long Blockchain, formerly Long Island Iced Tea, made big gains just from rebranding, taking advantage of blockchain’s growing popularity.
SEC Sues Three on Long Blockchain Insider Trading
The Securities and Exchanges Commission (SEC) is charging three individuals that allegedly profited from Long Blockchain’s name change back in 2017. The lawsuit claims the three individuals profited from inside information and traded stocks before the famous rebranding happened. Among these is Eric Watson, who according to the complaint, was responsible for the rebranding scheme. Watson allegedly tipped off Oliver Barret-Lindsay, a friend and broker about the rebrand changes.
Barret-Lindsay also gave the information