Andrew Stiles and his cousin Gray Stiles were charged with securities fraud and conspiracy to commit wire fraud after participating in an insider trading scheme with Kodak stock. The unknown pharmaceutical company Andrew Stiles was working for collaborated with Kodak for the development of “chemicals for pharmaceutical manufacturing in connection with the COVID-19 pandemic.” The company aided Kodak in acquiring a $765 million government loan, boosting Kodat stock 2,500%. Andrew Stiles then purchased at least 90,000 Kodak shares.
From The Blaze:
Andrew Stiles profited more than $500,000 from the stock trading, while Gray Stiles gained over $700,000. “By stealing confidential business information, Andrew Stiles allegedly betrayed the trust and confidence of his employer — a pharmaceutical company working to help the public at the height of the COVID-19 pandemic — and schemed with his cousin, Gray Stiles, to collectively make more than a million dollars of illegal profits," said U.S. Attorney Damian Williams.
