On Tuesday, the SEC filed a complaint alleging insider trading against Steven Scoppetuolo, Robert S. Tocci, Sarang Ahuja, Richard White, and Eric M. Gordon. The Commission alleges that the group made more than $1 million in profits by trading on nonpublic information about World Fuel Services Corporation.
The SEC alleges that Scoppetuolo, a World Fuel executive, tipped the company’s former CFO, Tocci, about the company’s earnings announcement in May and August of 2007, before it was made public. Tocci then allegedly purchased World Fuel options and sold them short, making an estimated $262,000. The SEC claims that one of the executives gave the information to Ajuha, a securities broker, who also sold short.
White, World Fuel’s Vice President of Tax, also allegedly sold short on the information, according to the SEC. White then allegedly tipped Gordon about the earnings reports. The SEC claims that Gordon bought put options based on the information and then also tipped two friends.