Cryptocurrencies
SEC Sues Three for Insider Trading Linked to Long Blockchain
- Investor made $160,000 in illegal profits, regulator says
- Stock surged after name changed from Long Island Ice Tea
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A surprise name change that sent an iced-tea company’s stock soaring during the 2017 crypto craze wasn’t a surprise to everyone.
The Securities and Exchange Commission has sued three individuals, including one who allegedly traded ahead of Long Island Ice Tea Corp.’s rebranding to Long Blockchain Corp., according to a statement Friday. Eric Watson, an undisclosed control person of the company, drove the business change and tipped off his friend and broker, Oliver Barret-Lindsay. Barret-Lindsay then told his pal, Gannon Giguiere, who made more than $160,000 in illegal profits, the SEC said.