June 6, 2014 / 8:10 PM / 3 years ago

U.S. jury clears ex-sTec CEO in SEC insider trading trial

1 Min Read

June 6 (Reuters) - In a loss for the U.S. Securities and Exchange Commission, a federal jury on Friday found the former chief executive of sTec Inc not liable for trading on inside information ahead of a secondary stock offering.

Manouchehr Moshayedi, a co-founder of the computer storage device company, was cleared of engaging in insider trading on non-public information about a major customer's drop in demand for a key product, enabling him and his brother to reap about $260 million.

The case was one of the largest U.S. insider trading enforcement actions to go to trial. The verdict marked a significant setback for the SEC on the heels of another insider trading trial loss a week earlier in New York. (Reporting by Nate Raymond in New York; Editing by Marguerita Choy)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below