SEC Charges Former SeaWorld Associate General Counsel With Insider Trading

(RTTNews) - The U.S. Securities and Exchange Commission said it charged a former senior lawyer at SeaWorld Entertainment Inc. with insider trading based on nonpublic information that the company's revenue would be better than anticipated for the second quarter of 2018.

The SEC alleged that Paul Powers had early access to key revenue information as the company's associate general counsel and assistant secretary, and he purchased 18,000 shares of SeaWorld stock the day after he received a confidential draft of the 2018 second quarter earnings release that detailed a strong financial performance by the company after a lengthy period of decline.

According to the SEC's complaint, Powers immediately sold his SeaWorld shares for approximately $65,000 in illicit profits after the company announced its positive earnings and the company's stock price increased by 17 percent.