Litigation Releases (Jon P. Kipp)

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26640 / September 15, 2026

Securities and Exchange Commission v. Jon P. Kipp, No. 26-cv-03289 (W.D. Wash. filed Sept. 14, 2026)

SEC Files Settled Action Charging Washington Resident with Insider Trading

On September 14, 2026, the Securities and Exchange Commission filed a settled action against Jon P. Kipp of Kirkland, Washington for allegedly insider trading in advance of Funko, Inc.'s July 13, 2023 announcement that its then-CEO would be taking a leave of absence and cease serving as the company's CEO.

The SEC's complaint, filed in the U.S. District Court for the Western District of Washington, alleges that, two days before Funko's announcement, the CEO told Kipp via text message that Funko's Board of Directors had placed the CEO on a sabbatical and that the CEO planned to leave Funko permanently. According to the complaint, the CEO and Kipp shared a close personal friendship for decades and worked together at Funko before Kipp's retirement several years earlier. As alleged, based on the information provided by the CEO, on the morning of July 13, 2023, Kipp sold all 247,335 Funko shares he owned, avoiding approximately $483,746.40 in losses when Funko's stock price fell the day after the announcement.

Without admitting the Commission's allegations, Kipp has consented to the entry of a final judgment, subject to court approval, that would permanently enjoin him from violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The final judgment would also order Kipp to pay $483,746.40 in disgorgement, plus $105,516.93 in prejudgment interest, and a civil penalty of $483,746.40, for a total of $1,073,009.73 in monetary remedies.

The SEC's investigation was conducted by Duncan C. Simpson LaGoy with assistance from Russell R. O'Brien and was supervised by Chrissy Filipp , Rahul Kolhatkar, and Jason H. Lee of the SEC's San Francisco Regional Office.