Press Release

SEC Charges Stockbroker and Friend with Insider Trading

Trading was based on nonpublic information stolen from girlfriend’s laptop and shared with friends

For Immediate Release


Washington D.C., June 29, 2023 —

The Securities and Exchange Commission today announced insider trading charges against Jordan Meadow, a registered representative for a New York-based broker-dealer, and Steven Teixeira, the Chief Compliance Officer of an international payment processing company, in connection with their trading based on material nonpublic information that Teixeira obtained from his girlfriend’s laptop while she was working at home during the COVID-19 pandemic.

The SEC’s complaint alleges that Teixeira accessed nonpublic information on possible upcoming mergers and acquisitions of public companies from the laptop of his girlfriend, who was employed at a prominent New York-based investment bank. As alleged, Teixeira then used the information to purchase call options on several issuers ahead of the announcement of the deals and tipped the information to his friends, including Meadow, so that they could trade as well. The scheme allegedly generated illicit profits of approximately $28,600 for Teixeira, while Meadow made more than $730,000. Additionally, according to the complaint, Meadow recommended trades to his brokerage customers based on the material nonpublic information from Teixeira, resulting in millions of dollars in profits for them and hundreds of thousands of dollars in commissions for Meadow.

“Our complaint alleges brazen betrayals of trust by Teixeira, who misappropriated information from his girlfriend’s laptop to make a quick buck, and by industry-veteran Meadow, who was all too eager to use the information to line his pockets,” said Scott Thompson, the Associate Regional Director of the SEC’s Philadelphia Regional Office. “We will continue to pursue and prosecute insider trading where appropriate to hold people accountable for their actions.”

The SEC’s complaint, filed in the U.S. District Court for the Southern District of New York, charges Teixeira, of New York, and Meadow, of New Jersey, with violating the antifraud provisions of the federal securities laws and seeks permanent injunctive relief, disgorgement with prejudgment interest, civil penalties, and bars on Meadow and Teixeira serving as officers or directors of public companies.

In a parallel action, the U.S. Attorney’s Office for the Southern District of New York today announced criminal charges against Meadow and Teixeira.

The SEC’s ongoing investigation is being conducted by Norman P. Ostrove and Julia C. Green of the Market Abuse Unit, with assistance from John S. Rymas of the Market Abuse Unit’s Analysis and Detection Center. It was supervised by Scott A. Thompson and Nicholas P. Grippo of the Philadelphia Regional Office and Joseph G. Sansone of the Market Abuse Unit. The litigation will be led by Spencer Willig and Gregory Bockin of the Philadelphia Regional Office. The SEC appreciates the assistance of the Financial Industry Regulatory Authority, the FBI, and the U.S. Attorney’s Office for the Southern District of New York.


Last Reviewed or Updated: June 29, 2023