Insider trading scheme involving golf buddies nets $600K in illegal profits: prosecutors

CHICAGO - Federal prosecutors in Chicago have indicted a former cannabis executive from Bartlett on charges of insider trading.

Anthony Marsico, 39, and three of his friends allegedly used non-public information about a potential acquisition to profit from stock trades.

What we know:

According to the indictment, Marsico used confidential information about a planned acquisition involving his company to purchase over 900,000 shares in a rival cannabis company, resulting in illegal profits of approximately $607,338.

The indictment alleges that Marsico sold the shares before the acquisition was publicly canceled, avoiding potential losses.

While the deal was still being negotiated, Marsico allegedly shared the non-public information with a friend, Arthur Pizzello, 61, of Wayne, Illinois.

Pizzello is accused of using the information to buy shares and passing the tip to two others, Robert Quattrocchi, 63, of Schaumburg, and Timothy Carey, 57, of Hanover Park.

Prosecutors described the four men as social friends who often played golf together at a private country club.

Charges:

Marsico faces charges of conspiracy to commit securities fraud and six additional counts of securities fraud.

The three friends are charged with conspiracy to commit securities fraud.

What's next:

Arraignment dates in U.S. District Court in Chicago have not yet been scheduled.