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Saturday, May 25, 2024 | Back issues
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Two Accused of Herbalife Inside Trading

WASHINGTON (CN) - The SEC on Tuesday accused two men of inside trading on Herbalife stock.

Filip Szymik, of New York City, will settle by paying a $47,100 civil penalty, the SEC said in a settled complaint .

Jordan Peixoto , of Toronto, will fight the charges.

The SEC accuses the men of trading on inside information that hedge fund Pershing Square Management CEO William Ackman was taking a $1 billion short position on Herbalife stock.

Ackman has long claimed that Herbalife is a pyramid scheme.

Szymik learned about it from his roommate, a Pershing analyst, and he told Peixoto, who made $47,100 in illicit profits, the SEC said in a statement.

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