Ex-SeaWorld executive pleads guilty to insider trading
A former SeaWorld executive who purchased $385,000 in company shares after learning that the theme park was expecting improved revenue and attendance has pleaded guilty to a single count of insider trading.
Federal prosecutors say Paul Powers entered the plea Tuesday in federal court in Orlando, Florida.
As the company’s associate general counsel, Powers was able to view information on revenue and attendance before it became public. Because of this access, he was only permitted to make stock purchases or sales of SeaWorld stock during a limited time period.
Prosecutors say Powers purchased 18,000 shares of SeaWorld stock last August, just days before the company planned to report a strong financial quarter, and six weeks after he was permitted to make any trades.