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Published on March 27, 2024
Pepperdine Alums, Minor League Players Linked to Tampa Bay Rays Indicted in Insider Trading Scheme Involving Del Taco StocksSource: Google Street View

Three minor league baseball players have been hit with accusations of playing dirty off the field. Jordan Qsar, Grant Witherspoon, and Austin Bernard – who all have ties to Pepperdine University and the Tampa Bay Rays – were indicted for allegedly engaging in insider trading with Del Taco stocks. The indictment was unsealed this week, as reported by the U.S. Attorney's Office.

The players are accused of cooking up a scheme to trade on privileged information related to the Jack in the Box acquisition of Del Taco, announced back in 2021. Qsar had a buddy working at Jack in the Box who apparently let slip some confidential info about the upcoming deal, which Qsar then passed on to Witherspoon and Bernard. The trio went on to quickly scoop up shares of Del Taco to then sell and profit significantly after the acquisition was publicly disclosed, which sent Del Taco's stock soaring from $7.53 to $12.51 a share.

"The system has to be fair for everyone, or the market fails," U.S. Attorney Tara McGrath stated, emphasizing the importance of equal playing fields in financial markets. Special Agent Stacey Moy of the FBI's San Diego office echoed these sentiments, declaring that insider trading strikes at the very integrity of nation's economy.

The three have been charged with conspiracy, securities fraud, wire fraud, and aiding and abetting, with stiff penalties potentially waiting in the bullpen. If convicted, they could be facing up to twenty years in the clink, along with multi-million dollar fines. "We will continue to work with our federal, state, and local law enforcement partners to ensure people who intentionally to undermine and threaten our economy will be brought to justice," vowed Moy.

Assistant U.S. Attorney Ronald Sou is on deck to prosecute the case, which will try to prove that these players stepped outside the batting box of legality. The trio's next appearance in the legal league is yet to be scheduled, but the court docket lists them facing charges under several federal statutes.