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Financial Crimes Weekly: Insider Trading At Arista, Del Taco; KuCoin In Civil Action Suit

Benzinga ·  Mar 28 13:45

Andreas Bechtolsheim, founder and chief architect of Silicon Valley-based technology companyArista Networks Inc(NYSE:ANET), this week agreed to settle charges of insider trading, paying a civil penalty of nearly $1 million.

The U.S. Securities and Exchange Commission (SEC)allegedthat Bechtolsheim misappropriated non-public information regarding the eventual takeover ofAcacia Communications.

Bechtolsheim was chair of Arista when he learned of Acacia's impending acquisition on July 8, 2019.

A rival bidder was believed to have consulted with Bechtolsheim who, upon learning this information, immediately traded Acacia options through the accounts of a close relative and an associate.

The...

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