U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 23011 / June 2, 2014
Securities and Exchange Commission v. Nelson J. Obus, Peter F. Black, Thomas Bradley Strickland, et. al., Civil Action No. 06 Civ. 3150 (GBD) (S.D.N.Y.)
Jury Finds T. Bradley Strickland, Peter Black, and Nelson Obus Not Liable for Insider Trading
On May 30, 2014, after a two week trial, a ten person federal jury in New York found T. Bradley Strickland, Peter Black, and Nelson Obus not liable for violating the insider trading provisions of the federal securities laws. On April 25, 2006, the Commission filed a Complaint against Strickland, Black, Obus, and the Wynnefield Capital funds, alleging that the three individuals engaged in insider trading by tipping and trading on material nonpublic information concerning the pending acquisition of SunSource, Inc. by Allied Capital Corporation.