SEC Charges Former Trade Desk Finance Director Over Earnings Trades

Summary

In Litigation Release No. 26614, published August 21, 2026, the SEC said it filed Securities and Exchange Commission v. Jesse R. Mitchell, No. 26-civ-07111, in the Southern District of New York on August 20. Mitchell, formerly The Trade Desk, Inc.’s Senior Director of Financial Planning and Analysis, allegedly used advance quarterly results to buy 3,850 TTD shares before the positive second quarter 2024 earnings release, earning nearly $20,000 by selling the next day. He later allegedly bought out-of-the-money puts before TTD’s fourth quarter 2024 release, which contained its first revenue guidance miss, and sold them for over $318,000 after the shares dropped more than 30% the next day. Both trades allegedly breached employee blackout periods, while the options trade also violated TTD’s permanent employee options ban.

The complaint charges Mitchell with violating Exchange Act Section 10(b) and Rule 10b-5, seeking permanent injunctions, disgorgement with prejudgment interest, civil penalties, and an officer and director bar. Also on August 20, the U.S. Attorney’s Office for the Southern District of New York announced a parallel securities fraud indictment. Samuel M. Kalar conducted the SEC investigation under Celeste A. Chase and Thomas P. Smith, Jr.; Paul G. Gizzi and Kalar will litigate under Jack Kaufman, with assistance from federal prosecutors, the FBI, and FINRA.