CHICAGO - An executive at a major Minnesota-based fitness firm and eight others are accused in a new federal indictment of using insider information to buy stock before word of the company's sale in 2015 pushed share prices higher.
A statement from the U.S. attorney's office in Chicago says the suspects made nearly $900,000 in illegal profits buying shares in Life Time Fitness Inc. earlier in 2015. Its vice president for corporate sales, Shane Fleming, allegedly passed the insider tip to a friend. The friend then told his girlfriend and other friends.
The share price soared from around $58 to around $70 within just days in March 2015 after a newspaper first reported the company's pending sale.