A former Penn National Gaming software engineer is facing charges of insider trading in connection to the company’s acquisition of Score Media and Gaming.
The Securities and Exchange Commission announced insider trading charges Monday against David Roda, former director of backend architecture for Penn Interactive Ventures, a Penn National subsidiary. Roda and a friend, Andrew Larkin, allegedly profited from inside information related to the company’s $2 billion acquisition of Score Media and Gaming in August 2021.
The SEC filed the complaint in federal district court in Philadelphia. According to his LinkedIn, Roda left Penn National in March.
“As we allege in our complaint, Roda was entrusted by his employer with critical, market-moving information, and he betrayed that trust by using the information to trade and also tip his friend so they could both profit,” Scott A. Thompson, co-acting regional director of the SEC’s Philadelphia Regional Office, said in a release. “When employees like Roda misappropriate and trade on confidential information, it erodes market confidence. The SEC remains committed to finding, investigating, and charging those who engage in insider trading.”
The SEC is charging both men with violating the antifraud provisions of the securities laws.
After receiving confidential information for his job, Roda allegedly purchased 500 out-of-the-money call options on Score Media, according to the SEC release. Roda...
Russia's Defense Ministry is reporting alleged battlefield successes on Max, but some of its claims lack evidence. Even Russian military bloggers are questioning claims that Ukrainian forces have ...