Andrew Stiles is a 37 year old man from South Carolina. Stiles was a pharmaceutical executive. The Department of Justice has accused Stiles of insider trading with Kodak stock.
Andrew Stiles Allegations
Andrew And Gray Stiles Accused Of Insider Trading. “Damian Williams, the United States Attorney for the Southern District of New York, and Michael J. Driscoll, the Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), announced today the unsealing of an Indictment charging JAMES ANDREW STILES, a/k/a “Andrew Stiles,” and EDWARD GRAY STILES, a/k/a “Gray Stiles,” with multiple counts of securities fraud and conspiracy to commit both wire fraud and securities fraud in connection with a scheme to commit insider trading based on misappropriated information about potential government loans to be made to the Eastman Kodak Company to finance the production of COVID-19-releated pharmaceutical components. ANDREW STILES was arrested this morning in South Carolina, and GRAY STILES was arrested this morning in Virginia.” [DOJ]
DOJ: Stiles Used Insider Trader Money To Fund COVID Pandemic Equipment Company. “Between June and July 2020, ANDREW STILES conducted an insider trading scheme in which he misappropriated material, non-public information (“MNPI”) and used it to trade in the stock of the Eastman Kodak Company (“Kodak”) and further provided that MNPI to his cousin, GRAY STILES, so that GRAY would likewise trade on the MNPI. During that time, ANDREW STILES was an executive at a company (“Company-1”) that was working with Kodak to collaborate on the production of chemicals for pharmaceutical manufacturing in connection with the COVID-19 pandemic. Company-1 was also assisting Kodak in its application for a significant government loan, which ultimately resulted in the news, on July 27, 2020, of a government “letter of interest” to provide Kodak with a loan of $765 million (the “LOI”). In the following days, Kodak stock rose substantially, at one point increasing to more than 2,500% above the closing price prior to the news of the LOI.” [DOJ]
Stiles Accused Of Multiple Federal Charges. “ANDREW STILES, 37, of South Carolina, and GRAY STILES, 37, of Virginia, are each charged with three counts of securities fraud, each of which carries a maximum sentence of 20 years in prison, and one count of conspiracy to commit wire fraud and securities fraud, which carries a maximum sentence of five years in prison. The statutory maximum penalties in this case are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendants will be determined by a judge.” [DOJ]
One of the first political bloggers in the world, Oliver Willis has operated OliverWillis.com since 2000. Contributor at Media Matters for America and The American Independent. Follow on Twitter at @owillis. Full bio.