The Securities and Exchange Commission on Friday lost its third insider trading trial of the year and its second in the space of seven days when a federal jury found former sTec Inc co-founder and chief executive Manouchehr Moshayedi not liable for trading on non-public information, Reuters reports.
The case against Moshayedi was one of the largest U.S. insider trading enforcement actions to go to trial. The lawsuit against Moshayedi, filed in 2012, alleged that he and his brother Mark had planned to sell a large percentage of stock holdings in sTec back in 2009 to coincide with the release of the company’s second-quarter results.
