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by Mike Caswell

U.S. federal prosecutors have secured the co-operation of another defendant in their case against a group of Chicago-area men who traded ahead of a $413-million takeover offer for Canadian Securities Exchange listing Goodness Growth Holdings Inc. in 2022. (All figures are in U.S. dollars.) Former brokerage employee Arthur Pizzello has agreed to assist the government and has admitted to buying shares based on a tip from one of his co-accused. Prosecutors claim that he was part of a group of men that golfed, gambled, socialized and shared inside information.

The admissions from Mr. Pizzello are contained in an agreement filed on Tuesday, Feb. 11, in federal court in Illinois. The agreement is not a guilty plea, but it does include Mr. Pizzello admitting to the violations and agreeing that he will serve 50 hours of community service. In return, prosecutors will defer pursuing the case against him for 18 months and, assuming Mr. Pizzello offers full co-operation, they will dismiss the charges against him.

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