SEC sues over $2.7 million in alleged insider trades from partner's laptop

A retired professional soccer player allegedly used his partner's work laptop to make about $2.7 million on corporate secrets, the SEC says.

In a complaint filed June 23, 2026 in the US District Court for the District of New Jersey, the Securities and Exchange Commission sued a New Jersey man and his company, Vortex Strategies LLC, over what it describes as a nearly three-year insider trading run. The SEC alleges he traded ahead of eight corporate announcements between February 2022 and October 2024 and made about $2.7 million. These are allegations only; no court has ruled.

The detail that should interest compliance officers is where the SEC alleges the information came from. Not a banker. Not a lawyer. A laptop.

According to the complaint, the defendant's then-partner worked as an account executive at a strategic communications and investor relations firm in New York that helped public companies prepare their announcements. The filing alleges her work laptop could reach a database that held material nonpublic information - draft press releases, talking points and strategy documents. The complaint alleges she often left the laptop unlocked at home, gave the defendant the password, and showed him how the database worked after he told her he was interested in coding projects.

The SEC is specific on one point. The complaint states she did not work on these deals, did not trade, and did not authorize the defendant to use her laptop for the confidential files. She is not a defendant in the case.

The trades described in the filing span recent dealmaking. The complaint alleges trades ahead of acquisitions involving US Ecology, Tenneco, Infrastructure and Energy Alternatives, Myovant Sciences, TravelCenters of America, Everi and EVgo, plus Discover's disclosure of what the complaint describes as a $365 million liability related to the misclassification of certain consumer cards. Some of the alleged gains were large. The complaint alleges one TravelCenters trade returned about $858,500 in a single day, and that Discover put options brought in about $983,600.

For the industry, the SEC's framing points to where leaks can sit. The agency relies on the "misappropriation" theory - the idea that a person can be liable for trading on information taken in breach of a duty of trust, even with no tie to the company in the deal. The complaint alleges the defendant had no securities industry experience.

The legal claim is narrow. The SEC alleges the defendant and Vortex violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5, the main antifraud provisions. According to the complaint, the two "employed a device, scheme, or artifice to defraud." The agency seeks permanent injunctions, disgorgement with interest, and civil penalties.

The takeaway for advisers and firms, based on how the SEC frames the case: inside information does not always leave through a deal team. According to the filing, here it sat on an unlocked laptop at home. Device access and source-of-information controls may be worth another look.

The allegations have not been tested in court, and no court has ruled.