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The SEC said Watson tipped Barret-Lindsay of such plans, including by sharing with him a draft of the company's press release.
Barret-Lindsay, in turn, allegedly passed the material non-public information on to Giguiere, the SEC said.
Within hours of receiving the confidential information, Giguiere purchased 35,000 shares of Long Blockchain stock, the SEC said.
According to the complaint, the company's stock price skyrocketed after the press release was issued, spiking more than 380 per cent within one day.
Within two hours of the announcement, Giguiere sold his shares for over US$160,000 (NZ$229,000) in illicit profits, the SEC said.