Split verdict in federal insider trading case involving Chicago attorney, friend [Chicago Tribune]
In a split verdict, a federal jury on Thursday convicted a
The jury deliberated for about nine hours over two days before the verdict was announced Thursday afternoon in U.S. District Judge Manish Shah’s courtroom.
The attorney,
His co-defendant,
In an emailed statement, Klundt’s attorney,
“The evidence in this case proved
Sargent’s attorney, meanwhile, called the verdict “inconsistent” and said he would be filing a motion for post-trial judgment of acquittal.
“It is impossible for a rational jury to have found that
An indictment filed in
The information pertained to the company’s 2020 first quarter earnings, which Klundt knew would be strong based on internal meetings he had attended, the indictment alleged. The indictment included an emoji Klundt allegedly texted to Sargent after the earnings call featuring a face with dollar signs for eyes.
After receiving the information from Klundt, Sargent purchased numerous shares and call options of the company’s stock ahead of the earnings announcement, then quickly sold them after the information became public for a total profit of about
According to the indictment, Sargent and Klundt had been friends since attending the
Klundt denied knowing Sargent, however, when federal regulators asked about people who’d traded
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Split verdict in federal insider trading case involving Chicago attorney, friend [Chicago Tribune]
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