SEC loses insider trading case involving a California-based computer storage device business

Second major loss for the SEC

The Securities and Exchange Commission (SEC) has lost a second significant insider trading case – involving a California-based computer storage device business – following the recent clearing of Nelson Obus, manager of the Wynnefield Capital hedge fund, of insider trading allegations.

After just a few hours of deliberations, a Santa Ana jury cleared Manouchehr Moshayedi, a co-founder and ex-CEO of STEC, in a civil lawsuit stemming from allegations of trading on inside information.

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Ed Silverstein

Ed Silverstein is a veteran writer and editor for magazines, websites and newspapers. A graduate of Harvard's Kennedy School of Government, he has won several...

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