David Thomas
Thomson Reuters
David Thomas reports on the law business, including law firm strategy, hiring, mergers, and litigation. He is based out of Chicago. He can be reached at d.thomas@thomsonreuters.com and on Twitter @DaveThomas5150.
March 2 (Reuters) – Nearly two months after he was convicted of insider trading, a Chicago environmental lawyer has asked a federal judge to acquit him after his co-conspirator was found innocent of the same crime.
A federal jury in Chicago convicted David Sargent in mid-January 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 acquitted Christopher Klundt, a former Chegg manager who allegedly tipped off Sargent before the earnings news became public, on “the same evidence, the same charges, and jury instructions that applied the elements of the offenses charged equally to both defendants,” Sargent said in a Thursday filing.
Sargent argued that the jury's “inconsistent” verdict merits his acquittal or at least a new trial, especially because he claims the government's only evidence was circumstantial.
View 2 more stories
Both Sargent and Klundt asserted they were innocent in the run-up to the trial, which lasted eight days.
A spokesperson for the Chicago U.S. attorney's office declined to comment.
Sargent was previously employed as a faculty member at Loyola University Chicago's School of Environmental Sustainability, said his attorney Christopher Grohman.
Grohman, a former federal prosecutor now working as a partner at the Benesch law firm, said he hopes U.S. District Judge Manish Shah grants the motion.
The U.S. Securities and Exchange Commission brought a civil lawsuit against Sargent and Klundt over the trades. That case has been on hold for criminal prosecution.
Read More:
Chicago environmental lawyer indicted in insider trading plot
Reporting by David Thomas
Our Standards: The Thomson Reuters Trust Principles.
The multi-disciplinary program, administered by USC Sonny Astani Department of Civil & Environmental Engineering (CEE),…
Software & Technology · Is the Shein-Forever 21 Merger a Bold Innovation or a Cross-Platform…
Smart Cards and ID Cards Go Sustainable as Part of Security Industry's Overall Push into…
... environmental technologies and green goods ... technology policy, particularly environmental and digital technologies and…
Such challenges range from economic instability, environmental regulations, and labor shortages to disruptive technological advancements…
(Symphony Environmental Technologies Plc). Product Insights: Anti ... technology organizations. Market forecasts and industry analysis…
This website uses cookies.