SEC Says Tea Co.’s Blockchain Move Brewed Insider Trading – Law360

sec-says-tea-co.’s-blockchain-move-brewed-insider-trading-–-law360

Law360 (July 9, 2021, 6:22 PM EDT) — When the Long Island Iced Tea Co. changed its name to Long Blockchain Corp. in late 2017, sending its share price surging almost fourfold, one man used an inside tip to reap more than $160,000 in illicit profits, according to a lawsuit filed by the U.S. Securities and Exchange Commission on Friday.

The SEC says the man, Gannon Giguiere, and two others, Eric Watson and Oliver Barret-Lindsay, violated insider trading laws, and is seeking permanent injunctions, disgorgement and civil penalties against all three.

The alleged scheme began when Watson, a “corporate insider and the controlling shareholder” of the beverage company, tipped…

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