Insider Trading Charges Laid Against Andrew Stiles and Gray Stiles by SEC and U.S. Attorney’s Office

The Securities and Exchange Commission (SEC) and the U.S. Attorney’s Office for the Southern District of New York have jointly charged Andrew Stiles and Gray Stiles with insider trading. Andrew Stiles is accused of trading Kodak and Novavax stocks based on nonpublic information related to the companies’ government partnerships aimed at fighting COVID-19 during the pandemic’s peak. The alleged insider trading brought the two more than $1.5 million in illegal profits.

Andrew Stiles’ Actions

According to the SEC’s complaint, Andrew Stiles learned about Kodak’s efforts to secure a $765 million loan from the federal government to manufacture chemicals for pharmaceuticals’ domestic supply chain. He learned this information through his employment at a medicine supply chain company. Based on this material nonpublic information, Stiles allegedly purchased over 95,000 shares of Kodak stock before the public announcement in July 2020. He also tipped off his cousin, Gray Stiles, who purchased more than 45,000 shares. After the announcement, the two sold their Kodak shares for more than $1.5 million in total profits.

The SEC also alleges that, while working as a consultant for the pharmaceutical company Novavax, Andrew Stiles purchased 1,844 shares of Novavax stock based on material nonpublic information about the company’s efforts to secure funding to develop a COVID-19 vaccine. This trading earned Stiles over $45,000 in illicit profits.

Gray Stiles’ Actions

The SEC’s complaint also charges Gray Stiles with insider trading in Kodak stock that netted him and Andrew Stiles over $1.5 million in illegal profits. Gray Stiles allegedly purchased more than 45,000 shares of Kodak stock based on Andrew Stiles’ tip-off.

Penalties Sought by SEC

The SEC’s complaint charges Andrew Stiles and Gray Stiles with violating the antifraud provisions of the securities laws. The SEC seeks a permanent injunction, disgorgement, and a civil penalty against them. Additionally, the SEC wants an officer and director bar against Andrew Stiles.


The SEC continues to investigate and prosecute insider trading cases with vigor. If you are subpoenaed as a witness, or the subject of such an investigation, call Sallah Astarita & Cox, LLC. With over 100 years of combined experience defending SEC investigations, they have the experience to guide you through the process.

Have a securities law question? Call New York Securities Lawyers at 212-509-6544.

Securities Attorney at Sallah Astarita & Cox | 212-509-6544 | | Website | + posts

Mark Astarita is a nationally recognized securities attorney, who represents investors, financial professionals and firms in securities litigation, arbitration and regulatory matters, including SEC and FINRA investigations and enforcement proceedings.

He is a partner in the national securities law firm Sallah Astarita & Cox, LLC, and the founder of The Securities Law Home Page -, which was one of the first legal topic sites on the Internet. It went online in 1995 and is updated daily with news, commentary and securities law related links.

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