SEC settles insider trading charges against Andy Bechtolsheim, co-founder of Arista, Sun Microsystems [CNBC]
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will cost him close to $1 million and bars him from serving as a public company officer or director for five years. The charges against Bechtolsheim, who has an estimated net worth of over $16 billion, is tied to Cisco's acquisition of Acacia Communications in 2019. The SEC alleged in a press release on Tuesday that Bechtolsheim confidentially learned of an “impending acquisition” on July 8, 2019, and traded options of Acacia, netting him “combined illegal profits” of over $415,000 after the deal was made public the next day. Cisco announced its agreement to buy networking company Acacia for $70 per share in a $2.6 billion deal , driving Acacia's stock up 35%. The transaction ended up closing in 2021 at $115 per share for a total price of $4.5 billion. The complaint, filed in federal district court in San Jose, California, alleged that Bechtolsheim, then chairman and chief development officer of Arista, learned that an acquisition of Acacia was fast approaching from an employee
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