ROCKAWAY TOWNSHIP, N.J. (Morris County) — A Rockaway Township man has been indicted on federal charges alleging he made more than $2.7 million through an insider trading scheme involving confidential corporate information obtained from his girlfriend’s employer, authorities announced.
Justin Jennings, 27, was charged by indictment with one count of engaging in a securities fraud scheme, eight counts of securities fraud for insider trading and two counts of transacting in criminal proceeds, according to U.S. Attorney Robert Frazer.
Federal prosecutors allege that between February 2022 and October 2024, Jennings made trades in the securities of eight publicly traded companies shortly before major corporate announcements, including mergers and acquisitions.
According to court documents, Jennings was romantically involved with an account executive at a public relations firm that had access to material nonpublic information regarding the companies involved in the transactions.
Prosecutors allege Jennings accessed confidential information, including draft press releases, from his girlfriend’s employer-issued laptop without her knowledge or permission and used the information to make profitable securities trades.
Authorities said the alleged scheme generated more than $2.7 million in illegal trading profits.
If convicted, Jennings faces a maximum sentence of 25 years in prison on the securities fraud scheme charge, up to 20 years in prison on each insider trading count and up to 10 years in prison on each count of transacting in criminal proceeds.
The U.S. Securities and Exchange Commission has also filed a civil complaint against Jennings based on the same alleged conduct.
