Environmental lawyer wins acquittal in US insider trading case | Reuters

A federal judge in Chicago has acquitted an environmental lawyer of insider trading charges after his co-conspirator was found innocent of the same crime.

U.S. District Judge Manish Shah on Tuesday entered a judgment of acquittal for David Sargent, a former faculty member at Loyola University Chicago’s School of Environmental Sustainability.

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Sargent was convicted in mid-January by a federal jury after prosecutors said he received nonpublic information about the earnings of Chegg Inc, an education technology company, to make $110,000 in profit on trades of Chegg stock.

But the same jury at the same trial acquitted Christopher Klundt, a former Chegg manager who allegedly tipped off Sargent before the earnings news became public.

Sargent argued that his conviction and Klundt’s acquittal were based on the same evidence, charges and jury instructions.

Source: Environmental lawyer wins acquittal in US insider trading case | Reuters