The Securities and Exchange Commission (SEC) has filed a civil enforcement action against former Green Mountain Coffee Roasters, Inc. (GMCR) employee Chad McGinnis, and others outside the company, alleging insider trading in the stock of GMCR. GMCR was recently advised of the government's investigation into McGinnis' activity and is cooperating fully 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, in a prepared statement. "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. GMCR requires all employees and directors to adhere to our code of ethics and our insider trading policy. The alleged conduct of this individual is in violation of these policies, and goes against our culture, our values and everything the employees of GMCR stand for."