In a split verdict, a federal jury on Thursday convicted a Chicago attorney of using insider information from a friend to make a windfall in stock purchases involving an education-technology company, while acquitting the friend on all counts.
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, David Sargent, 38, of Glenview, was found guilty of six counts of securities fraud, but acquitted of conspiracy to commit securities fraud.
His co-defendant, Christopher Klundt, 39, of San Francisco, was found not guilty of all seven counts of conspiracy and securities fraud, a rare outcome in a building where prosecutors win more than 90% of cases that go to trial.
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