A former Foot Locker government was charged with insider buying and selling by the U.S. Securities and Change Fee and has agreed to pay roughly $236,000 to settle the claims, topic to court docket approval.
Barry Siegel, who served as Foot Locker’s senior director of order planning administration for North America on the time, didn’t admit or deny the allegations, in response to a Tuesday press launch. As a part of the judgment, Siegel will likely be barred from serving as an officer or director at a public firm.
When requested for touch upon the information, a Foot Locker spokesperson confirmed Siegel was a former worker and directed Retail Dive again to the SEC.
In accordance with court docket paperwork, Siegel was accused of insider buying and selling in two particular situations, each earlier than Foot Locker earnings reviews. The primary was prematurely of Foot Locker’s first quarter in Could 2023, which allowed him to safe a revenue of just about $83,000, and the second was forward of the retailer’s second quarter in August 2023, which netted a acquire of roughly $30,000.
The SEC argued that in each of those situations, Siegel was in possession of “materials nonpublic data regarding Foot Locker’s working outcomes, together with adverse gross sales and stock figures.” Siegel had labored at Foot Locker from 1998 to 2006, and once more from 2011 to 2023, in response to the SEC, and he was let go throughout a spherical of layoffs in August 2023.
