What is Jed York accused of? 49ers CEO in major trouble over recent allegations 

San Francisco 49ers chief executive officer Jed York is on the hot seat as he faces two lawsuits for alleged insider trading.

He is also facing potential violations of federal securities laws for his role as a board member of the Santa Clara-based education technology company Chegg. A 2021 article by Forbes placed Chegg’s valuation at $12 billion.

The San Francisco Chronicle’s Lance Williams and Ron Kroichick reported that York and other directors are accused of concealing Chegg’s role in cheating during exams. The lawsuits claimed that students could use their Chegg accounts to get answers for online college examinations.

York is also accused of insider trading by dumping 20,000 shares at artificially inflated prices, earning him $1.4 million.

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Who is Jed York?

Jed York is a part of NFL royalty. His uncle, Edward J. DeBartolo Jr., owned the 49ers for 23 years. His ownership tenure led to five Super Bowl titles in the 1980s and the early 1990s. The team’s success turned players like Ronnie Lott, Jerry Rice, Joe Montana, and Steve Young into Hall of Famers.

While he doesn’t control the 49ers anymore, fans still regard him as “The Godfather” because of his Italian heritage. Meanwhile, Denise DeBartolo York is Jed York’s mother. She is Edward’s sister and took over the team in 1999 after her brother got involved in former Louisiana governor Edwin Edwards’ corruption case.

Jed’s father is John C. York, a retired cancer research pathologist. The York family are notably minority investors in the English football club Leeds United. John also invested in the United Soccer League team Sacramento Republic FC.

Jed York became the 49ers’ president and operating head in December 2008. Two years later, he became the team’s CEO. However, his parents remain as principal co-owners. York started working for the organization in 2005 as director of strategic planning.

He has been a member of the Chegg board since 2013, seven years after the company was founded. He holds a Bachelor of Arts in Finance from the University of Notre Dame.

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Chegg and San Francisco 49ers respond to allegations

A Chegg spokesperson provided the San Francisco Chronicle with this response to the lawsuits and allegations against Jed York and their other board members:

“Chegg takes academic integrity very seriously and has invested significant resources to protect it. Chegg has been helping millions of students learn and thrive for many years, including during the pandemic, creating a transformative digital learning platform to improve outcomes.”

Meanwhile, the San Francisco 49ers also issued this statement:

“The 49ers are proud of the work we accomplished with Chegg to provide scholarships for first-generation students.”