Brandon Charnas, the husband of Something Navy's Arielle Charnas, isn't cooperating with an investigation into 'possible insider trading': SEC
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- Brandon Charnas isn't cooperating with an investigation into "possible insider trading violations," the SEC said.
- Charnas — the husband of Something Navy influencer Arielle Charnas — bought Office Depot stock in 2021, the SEC says.
- The SEC said it "has not concluded that any individual or entity has violated the federal securities laws."
The SEC says Brandon Charnas — the husband of Something Navy founder Arielle Charnas — isn't cooperating with its investigation into "possible insider trading violations," according to a Tuesday press release.
Charnas made stock trades before an announcement that Staples wanted to acquire Office Deport, the SEC said in its statement.
The SEC alleged Charnas bought stock in ODP — Office Depot's parent company — "a few weeks prior to the announcement, resulting in combined profits of at least $385,000."
"On December 23, 2020, surrounding communications with other traders in ODP, Charnas purchased out-of-the-money call options constituting approximately 90% of ODP's overall call option trading volume that day," the press release states.
Charnas didn't immediately respond to a request for comment and his company didn't immediately respond to an emailed request for comment.
The SEC said Charnas hasn't cooperated with the probe, "improperly asserted" his Fifth Amendment right, and refused to turn over documents.
The agency says it's filed a petition in court to force Charnas to comply.
The SEC said its investigation is ongoing and it "has not concluded that any individual or entity has violated the federal securities laws."
Brandon Charnas married Arielle in 2014. Arielle, who has over 1.3 million followers on Instagram, launched her Something Navy brand six years later.
Insider reported last month that the brand has struggled, with Something Navy's CEO leaving the company and employees quitting or being laid off, several people said.
The brand has also stopped making new clothes, the people told Insider.