Three friends allegedly tapped family ties to the boards of firms including Designer Brands and Albertsons to get tips that gained them at least $4 million in illicit trading profits
WASHINGTON—Three friends tapped family ties to the boards of public companies including Designer Brands Inc. and Albertsons Cos. to get tips that gained them at least $4 million in illicit trading profits, according to law-enforcement officials.
Two of the men—hedge-fund manager Kris Bortnovsky and fintech entrepreneur Ryan Shapiro—were indicted Thursday in Boston and charged with securities fraud and conspiracy. The third trader, David Schottenstein, agreed to plead guilty to conspiracy to commit securities fraud, according to court records.
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