The SEC said Thursday it has decided not to pursue the case it filed against cofounders Henry Nicholas III and Henry Samueli and two other former executives, William Ruehle and David Dull.
The agency said it made decision “based on rulings and comments from the court,” referring to a federal judge’s earlier statements in a related criminal case against Ruehle and Nicholas, questioning “the conduct of the U.S. Attorney’s Office and the sufficiency of the evidence.”
The SEC’s decision was another victory for Nicholas, who had faced federal criminal charges related to options backdating and illegal drug use and distribution. Nicholas was accused of secretly spiking the drinks of customers’ representatives with the drug ecstasy, hiring prostitutes for them and associates and smoking marijuana on a private plane, prompting the pilot to wear a gas mask.

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