Minnesota Company Distances Itself From Federal Indictment 01 Oct 17

CHICAGO (AP) — A Minnesota-based fitness firm says a one-time executive accused of insider trading no longer works there.

A federal indictment unsealed in Chicago on Friday charges former Life Time Fitness Inc. executive Shane Fleming and eight others with conspiracy and securities fraud. They’re accused of using insider information to buy stocks before the company’s sale pushed share prices higher.

Life Time Fitness spokesman Jason Thunstrom says Fleming hasn’t worked for the company since last year but declined to elaborate. He said Life Time Fitness has cooperated with authorities.

Prosecutors say Fleming allegedly passed the insider tip to a friend. The friend then told his girlfriend and other friends.

The indictment says the suspects made nearly $900,000 in illegal profits buying shares.

Court records Friday didn’t include the name of an attorney for Fleming.