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SEC To Drop Insider Trading Case Over Herbalife Stock

Law360, Los Angeles (December 15, 2014, 10:58 PM EST) -- The U.S. Securities and Exchange Commission on Monday moved to dismiss insider trading charges against a man accused of using tips to illegally profit from the $1 billion short sale of Herbalife Ltd. by activist investor Bill Ackman, saying that “critical witnesses” were unavailable to testify.

The SEC charged Filip Szymik and Jordan Peixoto with insider trading in September in connection with options purchased ahead of disclosure of a massive short sale of Herbalife stock, which allegedly netted Canadian citizen Peixoto $47,100 in illegal profits. Peixoto allegedly learned of the December 2012 short sale from his friend, Szymik, who was tipped off...

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