Washington — The Securities Exchange Commission has lost its case against Luis Martin Caro Sanchez, which involved allegations of insider trading based on the purchase of Potash Corp. of Saskatchewan Inc. call option contracts. Sanchez and Jose Fernandez Garcia were both charged when they bought PotashCorp options just days before PotashCorp reported and rejected an offer by BHP Billiton (GM Aug. 30, 2010). Garcia settled with the SEC. The agency continued the case against Sanchez, saying that he earned almost $500,000 in the trades. However, the U.S. District Court, N.D., Illinois, Eastern Division, rejected the SEC’s argument in late December, saying the agency could not identify a connection between him and any insider, instead hanging its case on bare assertions about “suspicious trades.”
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