A former executive from Life Time Fitness was indicted along with eight other individuals on insider trading charges, the Chicago Tribune reports.
The charges stem from a 2015 incident, when then-vice president for corporate sales at Life Time, Shane Fleming, allegedly told a friend about the company’s upcoming sale. That friend shared the tip with his girlfriend and others, who reportedly used the information to make nearly $900,000.
In the days leading up to the sale, the nine people allegedly purchased hundreds of shares of company stock.
A spokesperson for Life Time noted that Fleming had left the company, and added that they have been cooperating with authorities on the matter.
Each individual faces at least one count of securities fraud and conspiracy, and could face up to 20 years in prison.