Steven Texeira Chief Compliance Officer for the U.S. division of China’s LianLian Global has been charged with insider trading for allegedly snooping for deal details on the laptop of his girlfriend, who was employed by an investment bank. The Charges were issued by the Securities and exchange Commission and New York federal prosecutors for. The allege that Teixeira repeatedly accessed the laptop of his girlfriend, an unnamed executive assistant at an investment bank, for details on coming corporate relating to Broadcom’s announced $61 billion acquisition of VMware and Thoma Braco’s upcoming purchase of Proofpoint. Proofpoint was taken private in 2021 by private equity firm Thoma Bravo in a $12.3 billion deal, within the timeframe Teixeira was allegedly trading insider information. Teixeira purchased options on Proofpoint stock on April 22, 2021, days ahead of the announcement. Broadcom’s deal for VMware has been delayed by regulators.
According to reports he apparently shared the information with Jordan Meadow, hi associate. The prying happened while the two worked at their shared home in Queens, N.Y., during the Covid-19 pandemic, according to the SEC.
The agencies on Thursday announced the charges against Teixeira and his friend, Jordan Meadow, who worked as a stockbroker. The Justice Department said Teixeira has pleaded guilty to charges under a cooperation agreement. Meadow was arrested Thursday morning, DOJ said. The girlfriend isn’t charged with wrongdoing.
The SEC said that Teixeira made about $29,000, while Meadow netted more than $730,000 in illicit profit.
Jeffrey Newman is a whistleblower lawyer who handles claims under the SEC and CFTC and FINCEN whistleblower programs including cases of major insider trading schemes. He can be reached at Jeff@JeffNewmanLaw.com or at 617-823-3217
