US SEC charges former Foot Locker senior director with insider trading

NEW YORK (Reuters) – The U.S. Securities and Exchange Commission charged a former Foot Locker (NYSE:FL) executive on Tuesday with insider trading, saying he sold short the retailer’s stock prior to two earnings announcements in 2023.

In a complaint filed in Manhattan federal court, the SEC said Barry Siegel, who had been a Foot Locker senior director of order planning management, reaped more than $112,000 of profit by trading on material nonpublic information that suggested Foot Locker’s results would disappoint investors.