SEC Insider-Trading Trial Targets Exec Who Bought Rival’s Stock

Panuwat’s attorney, Jack DiCanio, told jurors that the SEC won’t call any witnesses who have first-hand knowledge of why Panuwat made the trades that he did. DiCanio said Panuwat simply traded Incyte options because he believed they were undervalued.

“The evidence will show that the entire SEC case is an attempt to put thoughts in Mr. Panuwat’s head that were not there when he made the trades,” DiCanio said.

DiCanio also argued that the trades weren’t based on confidential information because the merger had been covered publicly by the press. And the SEC can’t prove that Panuwat had an intent to defraud because he didn’t know it was illegal to trade in a company that wasn’t his employer and that didn’t conduct business with his employer.

Source: SEC Insider-Trading Trial Targets Exec Who Bought Rival’s Stock