The German tech billionaire Andreas von Bechtolsheim, known as Andy. picture alliance / dpa | Heiko Lossie
Andy von Bechtolsheim, one of the richest Germans, is banned from working in the USA.
The US Securities and Exchange Commission (SEC) accused him of illegal insider trading in which he is said to have earned around $415,000. This is reported by “Manager Magazin”, among others.
After a deal, von Bechtolsheim will pay almost one million US dollars and will no longer be allowed to serve on the board of directors or supervisory board of a listed company for five years.
Andreas von Bechtolsheim, known as Andy, was one of the pioneers of Silicon Valley. He rose from a doctoral student at Stanford University to a billionaire entrepreneur and was one of Google’s first backers. Today, von Berchtolsheim is considered one of the richest Germans; Forbes estimates his family’s net worth at $16.4 billion.
But now the 68-year-old is said to have been banned from working in the USA because of a comparatively small amount. Various people report this US media and that “Manager Magazine“. Accordingly, the US Securities and Exchange Commission (SEC) accused the tech billionaire of having pocketed around $415,000 through illegal insider trading. Von Berchtolsheim is said to have neither admitted nor denied this.
Ultimately, the case in federal district court in San Jose ended with a deal. The German is expected to pay almost a million dollars as a fine. In addition, von Bechtolsheim is no longer allowed to serve on the board of directors or supervisory board of a listed company for five years. The network specialist Arista currently leads him as “Chief Architect”.
Von Berchtolsheim was a co-founder of the company, whose market value is more than $93 billion. According to “Manager Magazin”, it is unclear whether he will retain his position; according to a company spokesman, Arista will “respond appropriately to the situation”.
The background is events from July 2019. At that time, von Berchtolsheim is said to have learned about an impending takeover of the company Acacia in a confidential telephone conversation with an employee of an unnamed tech company.
According to the SEC, he purchased stock options from the network technology supplier “minutes before the market closed.” The German is said to have bet on a rise in the price of Acacia through the accounts of a close relative and an assistant. The next morning it was announced that the network giant Cisco wanted to buy the company. The share price then rose by 35 percent – which is what von Berchtolsheim is said to have earned.
Fu