Current:Home > InvestAuthorities arrest a relative of the King of Jordan and 3 others for $1M insider-trading plot -ValueCore
Authorities arrest a relative of the King of Jordan and 3 others for $1M insider-trading plot
View
Date:2025-04-18 09:00:02
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! (42)
Related
- The company planning a successor to Concorde makes its first supersonic test
- France’s Macron urges a green light for Ukraine to strike targets inside Russia with Western weapons
- Police search the European Parliament over suspected Russian interference, prosecutors say
- Barcelona hires Hansi Flick as coach on a 2-year contract after Xavi’s exit
- Louvre will undergo expansion and restoration project, Macron says
- US Treasury official visits Ukraine to discuss sanctions on Moscow and seizing Russian assets
- Nearly 1.9 million Fiji water bottles sold through Amazon recalled over bacteria, manganese
- Xi pledges more Gaza aid and talks trade at summit with Arab leaders
- Mets have visions of grandeur, and a dynasty, with Juan Soto as major catalyst
- Bird flu updates: 4.2M infected chickens to be culled in Iowa, cases detected in alpacas
Ranking
- Taylor Swift Eras Archive site launches on singer's 35th birthday. What is it?
- Missile attacks damage a ship in the Red Sea off Yemen’s coast near previous Houthi rebel assaults
- Some companies plan to increase return-to-office requirements, despite risk of losing talent
- Roberto Clemente's sons sued for allegedly selling rights to MLB great's life story to multiple parties
- Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Hi Hi!
- Florida Georgia Line's Brian Kelley says he didn't see 'a need for a break'
- House Ethics Committee investigating indicted Rep. Henry Cuellar
- The Latest | Israel expands Rafah offensive, saying it now controls Gaza’s entire border with Egypt
Recommendation
Toyota to invest $922 million to build a new paint facility at its Kentucky complex
Google to invest $2 billion in Malaysian data center and cloud hub
Comedian Matt Rife Cancels Shows After Unexpected Medical Emergency
Pope Francis apologizes after being quoted using homophobic slur
Opinion: Gianni Infantino, FIFA sell souls and 2034 World Cup for Saudi Arabia's billions
Will Below Deck Med ‘s Captain Sandy Yawn Officiate Aesha Scott's Wedding? The Stew Says...
'Couples Therapy': Where to watch Season 4, date, time, streaming info
Powerball winning numbers for May 29 drawing: Jackpot climbs to $143 million