SAN JOSE (CN) – The CEO of Genesis Microchip and his childhood friend traded on inside information that the company was about to be sold, the SEC claims in Federal Court. It says Genesis CEO Elias Antoun made $50,000 from it and his friend Samir Abed made $34,000.
Genesis shares jumped by 57% on news of the merger in December 2007.
Antoun, 51, of San Jose, was CEO of Genesis until STMicroelectronics bought it in January this year, the SEC says.
Abed, 53, lives in Thousand Oaks.