SEC v. James Andrew Stiles, Jr. & Edward Gray Stiles, Jr. (insider trading, 2023)

Settled

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In February 2023 the SEC charged cousins Andrew and Gray Stiles with insider trading in Kodak and Novavax stock. Both consented to final judgments dated December 29, 2025, with combined disgorgement of $1,302,283 (largely treated as satisfied by criminal forfeiture), $4,778 of prejudgment interest and a $45,549 penalty on Andrew Stiles, who also received a five-year officer-and-director bar.

The record

What was ordered

Civil penalty

$45.5k

Disgorgement

$1.3m

Prejudgment interest

$4.8k

Total relief

$1.4m

Alleged gain

—

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

the Securities and Exchange Commission announced this matter on February 23, 2023 as release LR-25647. The respondents named are James Andrew Stiles, Jr. & Edward Gray Stiles, Jr. (1 individual, 0 entities).

This library tags the matter as insider trading, based on the conduct the regulator describes. Each tag links to a page explaining how that technique works, what statute it engages, and what penalties comparable actions have attracted. The tagging is ours, not the regulator's: agencies charge statutory provisions, not technique names.

The conduct is recorded against equities.

The release references a parallel criminal proceeding. Where a criminal case exists, the civil and criminal outcomes are recorded separately, because they resolve on different standards of proof.

Both defendants consented to final judgments, which the Southern District of New York dated December 29, 2025 (filed December 23, 2025). Each permanently enjoins the defendant from violating Section 10(b) and Rule 10b-5. Andrew Stiles is also barred for five years from serving as an officer or director of a public company. He is ordered to pay disgorgement of $531,778 for the Kodak trading, treated as satisfied by the forfeiture order in the parallel criminal case, plus $45,549 of disgorgement for the Novavax trading with $4,778 of prejudgment interest and a $45,549 civil penalty. Gray Stiles is ordered to pay disgorgement of $724,956, likewise treated as satisfied by his criminal forfeiture order, and the judgment shows no civil penalty for him. The recorded figures add the two defendants' amounts. The judgments do not state the criminal sentences, and this record does not store them.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Insider trading — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2023-02-23 Litigation release published
2. 2025-12-29 Consent final judgment as to James Andrew Stiles, Jr.
3. 2025-12-29 Consent final judgment as to Edward Gray Stiles, Jr.

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC litigation release
• Final judgment as to James Andrew Stiles, Jr.
• Final judgment as to Edward Gray Stiles, Jr.

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.