Litigation Releases (Jesse R. Mitchell)

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26614 / August 21, 2026

Securities and Exchange Commission v. Jesse R. Mitchell, No. 26-civ-07111 (S.D.N.Y. filed Aug. 20, 2026)

SEC Charges Former Director of Financial Planning with Insider Trading in Advance of Employer's Earnings Releases

On August 20, 2026, the Securities and Exchange Commission charged Jesse R. Mitchell, formerly the Senior Director of Financial Planning and Analysis at digital advertising company The Trade Desk, Inc. ("TTD"), with insider trading based on material nonpublic information he obtained through advance receipt of TTD's earnings releases.

According to the SEC's complaint, as a member of TTD's financial planning team Mitchell received TTD's quarterly earnings results in advance of their public release. The complaint alleges that, in one instance, Mitchell used that knowledge to purchase 3,850 shares of TTD common stock in advance of the company's positive second quarter 2024 earnings release, then profited nearly $20,000 by selling those shares in the day following the release. As alleged, Mitchell later purchased out-of-the-money put options in advance of TTD's fourth quarter 2024 earnings release, which included the company's first ever revenue guidance miss. According to the complaint, TTD's share price dropped by over 30% the day after it announced the revenue guidance miss, and Mitchell sold his options that day for a profit of over $318,000. As alleged in the complaint, Mitchell's illegal trading activity was done not only while he was in possession of material nonpublic information but was in violation of trading blackout periods imposed by TTD on its employees and, in the second instance, in violation of TTD's explicit and permanent ban on employees trading in TTD options.

The SEC's complaint, filed in the U.S. District Court for the Southern District of New York, charges Mitchell with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The complaint seeks permanent injunctions, disgorgement of ill-gotten gains with prejudgment interest, civil penalties, and an officer-and-director bar.

In a parallel action, on August 20, 2026, the U.S. Attorney's Office for the Southern District of New York announced an indictment charging Mitchell with securities fraud.

The SEC's investigation was conducted by Samuel M. Kalar, under the supervision of Celeste A. Chase and Thomas P. Smith, Jr., of the New York Regional Office. The litigation will be led by Paul G. Gizzi and Mr. Kalar, under the supervision of Jack Kaufman. The SEC appreciates the assistance of the United States Attorney's Office for the Southern District of New York, the FBI, and the Financial Industry Regulatory Authority.