Financial watchdogs charged a 56-year-old New Yorker with insider trading on Tuesday, alleging the executive knew in advance that Foot Locker’s disappointing earnings would trigger a stock selloff. In total, authorities said the exec made about $113,000—and now he has to pay it back double, according to a pending settlement deal.
Per the Securities and Exchange Commission, Barry Siegel shorted the sneaker and apparel brand’s stock twice, once while he still worked as a senior director of order planning and management, and a second time after Foot Locker terminated him in a round of corporate layoffs. Siegel had worked at the company a total of two decades at that point, and authorities said he knew there would be negative sales and inventory data in earnings calls with investors.
