Northern, WI  12/12/12  (BasicsMedia)  — The executives at BigLot’s are in lot’s of big trouble with the SEC accused of front running investotrs by exiting stock while possessing non-public information.  It is the core of Sarbanes Oxley, because when you sign the bottom of the SEC filings (Quarterly 10Q) you are accepting responsibility that you have not traded on any non-public information.  The WSJ has continued its focus on executive trading at Big Lots (NYSE:BIG), finding that ten senior managers sold a total of over $23M in stock in March. The sales were made just before the firm reported slowing Q1 revenues, which sent shares plunging 24% in one day. One of the executives, CEO Steven Fishman, is already the subject of FBI and SEC investigations for $10M of sales.

So lets look at these filings (I will do my best to reconstruct this so we can figure out the dollar amount) and keep in mind I am not an SEC Layer, I am just a journalist breaking this graft down for you readers.  Here is a link for the insider filings required by the SEC.  Now how stupid do you have to be to do this?  Here are Steve Fishman CEO’s sales of stock he was awarded via Stock Option grants (as if he deserved them)…

20-Mar-12 227,500 BIG Sale at $45.23 per share.
(Proceeds of $10,289,825)

I think you need to be pretty damn stupid….click here to read all insider sales for the guilty 10 (Click Here) get ready for some jail time for the BigLots Team!!!  Not gonna be a good Christmas.

Shares of (BIG) started 2012 at $38 p/s and had a nice rally before the CEO and his team decided to top-tick his greedy sale.  That filing should have been a clue back in April that something was amiss.  I would have suggested (if I were on the board of directors) that executive concentrate on execution versus top-ticking insider share sales.  It seemed they used their information and shares as a weapon against common shareholders lopping off their heads each quarter….and internally trying to top-tick the market like a bunch of cigar smoking maniac’s sitting around drinking scotch.

Can you say Enron.  Try it  say “ENRON”, say Jeff Skilling….

 

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