SEC charges Green Mountain employee with insider trading

The U.S. Securities and Exchange Commission said it had filed charges against a former employee of Green Mountain Coffee Roasters for insider trading that netted $7 million in profit.

The regulator said the employee Chad McGinnis and his friend Sergey Pugach obtained quarterly earnings data and traded in advance of its public release.

Green Mountain said it is cooperating fully with the government's investigation and that there has been no allegation of wrongdoing on behalf of the company.

McGinnis was a manager-level member of the its IT department and has been terminated for violating its insider trading policy, the company said in a statement.