Spain: Telefonica SA Chairman Cesar Alierta Cleared of Insider Trading Charges

In Spain, Telefónica SA Chairman Cesar Alierta was cleared of insider trading charges today.  The WSJ reports that Spanish court documents show that the court cleared Alierta of charges that date back to the late 1990s due to Spain’s statute of limitations laws.

Alierta has repeatedly denied any wrongdoing and is “one of Spain’s most admired and successful executives,” the WSJ reports. As previously discussed here, at his trial, Alierta boldly denied the charges against him, stating “I didn’t buy one share of Tabacalera, either directly or indirectly, in 1997.” He testified that the charges were the result of a prosecutor that “did not properly understand the functioning of stock markets.”

Read the WSJ article