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SC and VA Cousins Accept Guilt in Trading Scheme | Business

In February 2023, cousins James A. “Andrew” Stiles of the Lowcountry and Edward G. “Gray” Stiles of Richmond, Va. were charged with securities fraud for using confidential information about Eastman Kodak Co. to make over $1 million in illegal profits. The scheme began four years ago when Andrew Stiles, an executive at drug manufacturer Phlow Corp., was working on a pandemic-era project with Eastman Kodak. His employer was assisting Eastman Kodak in applying for a large government loan that was disclosed on July 27, 2020, in the form of a $765 million “letter of interest.”

In the days following the announcement, Kodak stock significantly increased, reaching over 2,500 percent above its closing price prior to the news. Andrew Stiles began sharing confidential information about the financing with his Virginia cousin Edward Stiles shortly before the loan was made public. On July 9, 2020, Edward Stiles asked for an update in a coded text message regarding the film they had sent off a few weeks prior to get developed. They bought approximately 130,000 shares of Eastman Kodak between June 2020 and the day the financing letter was announced and sold all of their stock shortly after for a total profit of $1.2 million from the trades.

By Samantha Jones

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