SEC Loses Insider Trading Case Against Cisco Retiree

Law360, New York (January 10, 2014, 2:46 PM EST) -- A Georgia federal judge on Tuesday dismissed a U.S. Securities and Exchange Commission insider trading case against a former Cisco Systems Inc. employee, accusing the agency of interpreting circumstantial evidence in an “overreaching, self-serving” manner.

U.S. District Judge William Duffey said the SEC had failed to meet its burden of proof in a bench trial against Larry Schvacho, who retired from Cisco in 2009. The agency alleged he later traded on a tip from Comsys IT Partners Inc. CEO Larry Enterline that the employment services firm...
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