SEC Opens New Insider Trading Trial Against Fund Manager

Law360, New York (May 19, 2014, 7:40 PM EDT) -- One week after its trial victory over Texas investor Sam Wyly, the U.S. Securities and Exchange Commission on Monday kicked off another courtroom showdown in New York, urging a jury to hold hedge fund manager Nelson Obus liable for an alleged $1.3 million insider trading scam.

An SEC lawyer delivered opening remarks in the agency's long-running case against Obus, a co-founder of New York-based Wynnefield Capital Inc. According to the SEC, Obus illegally traded ahead of Allied Capital Corp.'s 2001 purchase of an industrial products supplier. Obus got the information from Wynnefield employee Peter Black, who in turn had received the...

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