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Former SeaWorld exec pleads guilty to insider trading

By
Carleton English
Published April 9, 2019
Updated April 9, 2019, 10:17 p.m. ET

A former SeaWorld Entertainment exec has admitted to using his position as a top lawyer for the Orlando theme park owner to line his own pockets — to the tune of $65,000.

Paul Powers, SeaWorld’s former associate general counsel, pleaded guilty Tuesday to snatching up the aquatic park company’s shares days ahead of its second-quarter 2018 report — and selling them after the company posted better-than-expected results.

Powers pleaded guilty to one count of insider trading in Orlando federal court. He also settled a parallel civil lawsuit filed against him by the Securities and Exchange Commission.

As associate general counsel, Powers had access to SeaWorld’s revenue and attendance figures as early as June 18, the SEC said.

He waited nearly six weeks before using that info, and on July 31 he liquidated his TD Ameritrade account, the SEC said. A few days later, on Aug. 2, he used the bulk of the proceeds from his brokerage account sales to snatch up 18,000 shares of SeaWorld for $385,592, the SEC said.

On Aug. 6, the same day SeaWorld reported its financial results, Powers sold his shares for $450,237.

The stock rose 17 percent that day, to $25.40, after the company reported attendance to its troubled parks were showing signs of a rebound.

SeaWorld’s attendance has taken a beating in recent years due to the bad publicity it received over its treatment of its captive killer whales, which were highlighted in the 2013 documentary “Blackfish.”

Powers, who left SeaWorld in October, agreed to forfeit his ill-gotten gains as well as to pay any other penalties determined by the court.

“It speaks for itself,” said Powers’ attorney Mark Horwitz when asked about the settlement.

“After being contacted by authorities late last year, the company conducted an investigation, which resulted in termination. The company cooperated fully with the authorities in their investigation,” SeaWorld said in a statement Tuesday.