Current:Home > BackAuthorities arrest a relative of the King of Jordan and 3 others for $1M insider-trading plot-DB Wealth Institute B2 Expert Reviews
Authorities arrest a relative of the King of Jordan and 3 others for $1M insider-trading plot
View Date:2024-12-23 18:57:09
MIAMI (AP) — Authorities charged four men, including a relative of the King of Jordan, for conspiring to make insider stock trades on a business acquired by one of South Florida’s major publicly held companies, MasTec.
Federico Nannini, 26; his father, Mauro Nannini, 63; and two of his friends, Alejandro Thermiotis, 26; and Francisco Tonarely, 25, were arrested Friday and charged in a federal indictment with one count of conspiracy to commit securities fraud and 24 related offenses, The Miami Herald reported.
Thermiotis is the King of Jordan’s relative. Thermiotis’ brother, Jameel, married King Abdulla’s daughter, Princess Iman, last year. The Jordanian Royal Palace did not respond to a request for comment.
According to the indictment from the U.S. Attorney’s Office for the Southern District of Florida, the four defendants shared confidential information within a close circle of family and friends, and used it to buy shares at a lower price and then turn a $1 million profit after the information became public.
The Securities and Exchange Commission also filed a parallel civil lawsuit against them in Miami federal court. All four had their first court appearances on Friday.
Federal authorities said the alleged scheme began in June 2022 when Federico Nannini, a consultant, began advising MasTec on its planned acquisition of Indiana-based Infrastructure and Energy Alternatives.
MasTec is an engineering and construction company based in Coral Gables, Florida, that provides infrastructure services for the energy, utility and communications industries.
Federico Nannini then started sharing the confidential information with his father, Mauro Nannini, and Thermiotis, a close friend, according to the indictment. Federico Nannini, Thermiotis and Tonarely went to Gulliver Preparatory School together in Pinecrest, Florida, a suburban village in Miami-Dade County.
Mauro Nannini bought shares in Infrastructure and Energy Alternatives the day after his son got access to the financial information about the proposed MasTec acquisition, the indictment said.
Thermiotis also passed along the insider information about the deal to Tonarely.
As the MasTec acquisition progressed, Federico Nannini continued to update his father and close friend, Thermiotis, about the deal. In turn, Thermiotis continued to share the insider information with Tonarely, prosecutors said.
At one point in July 2022, when Federico Nannini became worried the acquisition would not go through, Mauro Nannini sold his IEA stock, according to the indictment.
When Federico Nannini received confidential financials that indicated the acquisition was going forward, he texted Thermiotis, who responded.
At that point, Mauro Nannini began to buy back his position in IEA stock and options, the indictment said.
When MasTec’s acquisition of IEA was reported publicly on July 25, 2022, Mauro Nannini, Thermiotis, and Tonarely all sold their shares and option contracts in IEA at a profit.
A conviction for conspiracy to commit securities fraud carries up to five years in prison, while a conviction on the related 24 securities fraud charges carries maximum penalties of 20 to 25 years imprisonment.
veryGood! (94)
Related
- Dwayne Johnson Admits to Peeing in Bottles on Set After Behavior Controversy
- U.K. food delivery driver who bit customer's thumb clean off over pizza dispute pleads guilty
- U.K. food delivery driver who bit customer's thumb clean off over pizza dispute pleads guilty
- Wisconsin GOP leader says Trump backers seeking to recall him don’t have enough signatures
- How Kim Kardashian Navigates “Uncomfortable” Situations With Her 4 Kids
- Colorado extends Boise State's March Madness misery. Can Buffs go on NCAA Tournament run?
- Real Housewives of Potomac's Karen Huger Charged With DUI After Car Crash
- At least 8 killed as chemical tanker capsizes off Japan's coast
- Cruise ship rescues 4 from disabled catamaran hundreds of miles off Bermuda, officials say
- Applications for U.S. unemployment benefits dip to 210,000, another sign the job market is strong
Ranking
- Watch: Military dad's emotional return after a year away
- The US may catch a spring break on weather. Forecasters see minimal flooding and drought for spring
- Telescope images capture galaxies far far away: See photos
- Nationwide tech hiccup interferes with US driver’s license offices
- Florida Man Arrested for Cold Case Double Murder Almost 50 Years Later
- Arizona has struggled in the NCAA Tournament. Can it shake it off with trip to Final Four?
- Wisconsin GOP leader says Trump backers seeking to recall him don’t have enough signatures
- Biden administration forgives $6 billion in student debt. Here's who qualifies for forgiveness.
Recommendation
-
Veterans Day restaurant deals 2024: More than 80 discounts, including free meals
-
Meeting the mother of my foster son changed my mind about addiction – and my life
-
You Only Have One Day To Shop These Insane Walmart Deals Before They're Gone
-
Aaron Taylor-Johnson says fascination with wife's 23-year age gap is 'bizarre'
-
Family of security guard shot and killed at Portland, Oregon, hospital sues facility for $35M
-
Biden administration forgives $6 billion in student debt. Here's who qualifies for forgiveness.
-
A small town suspended its entire police force. Residents want to know why
-
Drake Bell defends former Nickelodeon co-star Josh Peck following Brian Peck allegations