The Securities and Exchange Commission on Thursday accused Musicland Stores Corp. investor Alfred Teo and some of his friends and relatives of trading on inside information before Best Buy Co. bought the music and video retailer in 2001.
The SEC also alleged that Teo, 57, made insider trades related to a proposed merger of computer chip maker Cirrus Logic Inc., of which he is a former director, and C-Cube Microsystems Inc. in 2001. The deal wasn't completed. Teo was Cirrus' No. 2 investor as of January, Bloomberg data showed.