A former executive for Chicago-based Verano, one of the largest cannabis companies in the United States, was federally indicted on charges of insider trading. The indictment Thursday accused Anthony Marsico, 39, of Bartlett, of using confidential information to make an illegal profit of about $607,000 by buying stock in another marijuana company that Verano planned to acquire.
The deal to buy Minneapolis-based Goodness Growth Holdings Inc., now named Vireo Growth Inc., fell through. The two companies remain in court fighting over the failed deal. Marsico's lawyers, Todd Pugh and Patrick Blegen, told the Tribune their client was innocent of the charges.
The other defendants were named as financial adviser Arthur Pizzello, Jr., 61, of suburban Wayne and of Marco Island, Florida; Robert Quattrocchi, 63, of Schaumburg; and Timothy Carey, 57, of Hanover Park. Pizzello co-owned the country club, was a financial adviser who surrendered his license, authorities stated, is an area vice president at a publicly traded insurance broker and human resource benefits company, and co-owns a leadership consulting company based in Carmel, Indiana. Pizzello also invested in Verano through a "friends and family" offering before its initial public offering in 2021, according to a Securities and Exchange Commission filing.
Marsico co-owned a forerunner entity that was subsumed by Verano in 2018, according to the indictment, and was executive vice president at Verano, responsible for municipal government relations and real estate, including getting approvals to open cannabis dispensaries.
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