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SEC defendant Strugano denies insider trading

2022-12-19 20:47 ET - Street Wire

Also Street Wire (C-GTH) US Geothermal Inc

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by Mike Caswell

Moshe Strugano, an Israeli lawyer facing insider trading charges from the U.S. Securities and Exchange Commission related to Toronto Stock Exchange listing U.S. Geothermal Inc., denies any wrongdoing. The SEC claims that Mr. Strugano bought shares of U.S. Geothermal in 2017 after learning about an as-yet-unannounced takeover offer. He later unloaded the shares, realizing $1.2-million in profits, the SEC says. (All figures are in U.S. dollars.)

The denials from Mr. Strugano are contained in an answer filed in federal court in New York on Nov. 30, 2022. While the document is 22 pages long, it contains no details. In response to nearly all of the SEC's allegations, Mr. Strugano invokes his right to say nothing, stating that he "declines to answer ... pursuant to his rights under the Fifth Amendment of the United States Constitution."

Nonetheless, Mr. Strugano asks that the case be dismissed. At the very end of his answer, he says that the SEC has failed to state a claim and that it has failed to allege he acted with scienter (or knowingly breaking the law). He also asks for a trial by jury.

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