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.
According to the indictment from the US 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 USD 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.
