Ex-sTec CEO asks jury to clear him in SEC insider trading trial

The Securities and Exchange Commission "ignored actual evidence" that failed to support its case of wrongdoing against former sTec Inc CEO Manouchehr Moshayedi, defense attorney Patrick Gibbs said during closing arguments in a trial in U.S. District Court in Santa Ana, California. "The SEC's story consists of plucking words and phrases from emails and testimony and stringing together little snippets and phrases," Gibbs said. But John Berry, an SEC attorney, told jurors that Moshayedi traded in a secondary offering of sTec's stock in 2009 while knowing a key customer's demand for a major flash memory product was less than expected. The end of the massive insider trading trial comes amid a push by SEC Chair Mary Jo White to strengthen enforcement and take more cases to trial.



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