SEC files insider trading action against former GM Coffee employee

WATERBURY –  The Securities and Exchange Commission announced Friday that it has filed a civil enforcement action against former Green Mountain Coffee Roasters employee Chad McGinnis, and others outside the company, alleging insider trading in the stock of GMCR, the company announced.

GMCR was recently advised of the government’s investigation into McGinnis’ activity and is cooperating with the government’s investigation. McGinnis was a manager-level member of the company’s IT department and has been terminated for violations of the company’s insider trading policy. There has been no allegation of wrongdoing on behalf of the company.

“We are appalled at the alleged actions of this individual,” said Brian P. Kelley, GMCR’s president and CEO. “All indications are that this case involves an irresponsible individual acting alone and we have no reason to believe anyone else associated with the company was involved.”

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