Benjamin Tesfaye

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26609 / August 11, 2026

Securities and Exchange Commission v. Benjamin Tesfaye, No. 3:26-cv-02660-K (N.D. Tex. filed Aug. 11, 2026)

SEC Files Settled Action as to Texas Resident Charged with Insider Trading 

On August 11, 2026, the Securities and Exchange Commission filed settled insider trading charges against Benjamin Tesfaye of Irving, Texas, in connection with allegations that he illegally traded Calliditas Therapeutics AB securities in advance of the May 28, 2024 announcement of Asahi Kasei Corp.’s tender offer to acquire Calliditas.

According to the SEC’s complaint, filed in the U.S. District Court for the Northern District of Texas, Tesfaye misappropriated material, nonpublic information about the tender offer from his then-romantic partner, who worked at a subsidiary of Asahi Kasei and whose role included assessing Calliditas’s compliance program in connection with the pending acquisition. The complaint alleges that, on the basis of that information, Tesfaye purchased Calliditas securities, including American Depository Receipts and out-of-the-money call options on May 23, 2024, two trading days before the announcement of the tender offer, in his personal brokerage account and in a family member’s account over which Tesfaye had control. As alleged, the price of Calliditas’s shares increased by approximately 70% following the announcement of the tender offer and Tesfaye liquidated the Calliditas securities in his and his family member’s accounts, generating $18,668 in illicit profits.

Without admitting the SEC’s allegations, Tesfaye consented to the entry of a final judgment, subject to court approval, that would permanently enjoin him from violating Sections 10(b) and 14(e) of the Securities Exchange Act of 1934 and Rules 10b-5 and 14e-3 thereunder. The final judgment also would order Tesfaye to pay $18,668 in disgorgement plus $2,168 in prejudgment interest and a civil penalty of $18,668. 

The SEC’s investigation was conducted by Geoffrey Gettinger and Brittany Garmyn and supervised by Charles Joshua Felker and Pei Y. Chung, with assistance from David A. Nasse. The SEC appreciates the assistance of the Financial Industry Regulatory Authority.