Lifetime Fitness Exec Cops To Insider Trading Scheme Role

Law360 (February 21, 2018, 3:13 PM EST) -- A former Lifetime Fitness executive accused of tipping friends about the gym chain's planned private equity buyout in exchange for a cut of trading profits pled guilty on Wednesday to a count of conspiracy to commit securities fraud he faced over the scheme.

Shane Fleming, 54, the gym's former vice president of corporate sales, faces up to five years in prison, a $250,000 statutory fine and three years of supervised release after admitting to sharing the inside information about a month ahead of a public announcement of the buyout that was expected to raise Lifetime Fitness share values.

Restitution is also...

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