Andy Bechtolsheim, the co-founder of Sun Microsystems and Arista Networks, reached a settlement with the SEC on insider trading charges.
Bechtolsheim will pay a fine of close to $1 million and is barred from serving as a public company officer or director for five years., has reached a settlement with the SEC on insider trading charges that will cost him close to $1 million and bars him from serving as a public company officer or director for five years.
"Bechtolsheim knew or was reckless in not knowing that the information he learned about Acacia's impending acquisition was material and nonpublic," according to the complaint filed on Tuesday."Bechtolsheim also knew or was reckless in not knowing that he had a duty of trust and confidence to keep such information confidential and not trade in Acacia securities based on this information.
Bechtolsheim, 68, resigned as Arista's chairman and development chief in December but continues to serve as its chief architect. He's the company's biggest shareholder with a stake worth close to $14 billion.
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