Morris County Man Who Misappropriated Confidential Documents from Girlfriend’s Employer Indicted for $2.7 Million Insider Trading Scheme

NEWARK, N.J. - A Morris County man was indicted for conducting a scheme to trade on material nonpublic information (MNPI) he stole from a public relations firm where his girlfriend worked, U.S. Attorney Robert Frazer announced.

Justin Jennings, 27, of Rockaway Township 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 documents filed in this case and statements made in court:

Between February 2022 and October 2024, Jennings made well-timed trades in the securities of eight publicly traded companies in the days before major corporate announcements, typically announcements of mergers and acquisitions, based on MNPI. At the time of these trades, Jennings was romantically involved with an account executive at a public relations firm that was entrusted with MNPI regarding these announcements. Jennings' profitable bets came after he gained access to confidential information, including draft press releases, from his girlfriend's employer-issued laptop without her knowledge or permission. In total, Jennings made over $2.7 million in illegal trading profits from the scheme.

If convicted, he faces a maximum penalty of 25 years in prison on the securities fraud charge, 20 years in prison on each of the insider trading charges, and 10 years in prison on each of the transacting in criminal proceeds charges.

The U.S. Securities and Exchange Commission also filed a civil complaint against Jennings based on the same conduct.

U.S. Attorney Frazer credited special agents of the Federal Bureau of Investigation, under the direction of Special Agent in Charge Stefanie Roddy in Newark, New Jersey, with the investigation.

The government is represented by Assistant U.S. Attorneys Aaron Webman and Farhana C. Melo of the Economic Crimes Unit in Newark.

The charges and allegations contained in the indictment are merely accusations, and the defendant is presumed innocent unless and until proven guilty.

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Defense counsel: Robert G. Stahl, Esq. and Laura K. Gasiorowski, Esq., Mountainside, New Jersey.