Former exec charged in elaborate insider trading scheme that involved a kickback of 10 pounds of marijuana

pulse

September 29, 2017 10:48 PM

It's a classic insider trading story, but with a ton of weed.

A former executive on Friday was charged with orchestrating an elaborate insider-trading scheme that involved a kickback of over ten pounds of marijuana, the Securities and Exchange Commission said.

In a complaint filed in the , the SEC alleges that Shane P. Fleming, a former vice president of sales at Life Time Fitness Inc., learned of a merger that would take the company private in 2015. He informed his friend, Bret J. Bershey, who enlisted two friends, Christopher M. Bonvissuto and Peter A. Kourtis, to use the information of the merger and split the profits, the SEC alleges.

Kourtis then tipped off a group of traders,

Business Insider first noticed this story after a tweet from Axios reporter Dan Primack.

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