The Securities and Exchange Commission suffered a rare defeat in an insider-trading case, with a judge finding the regulator failed to prove a Virginia mortgage banker traded on illicit tips
U.S. District Judge Claude Hilton dismissed the SEC’s claims after regulators presented their evidence and before the case was sent to the jury. “There’s just simply no circumstantial evidence here that gives rise to an inference that he received the insider information,” Judge Hilton said Monday, according to a transcript.
Mark Cummings, a lawyer for Mr. Clark, said the outcome underscores that regulators can rely too much on statistical evidence, such as trades made just before an event that caused a company’s stock price to rise or fall. Data alone isn’t sufficient to support a civil or criminal case against a trader, he said.
The SEC sued Messrs. Clark and Wright in December 2020, alleging they communicated several times in the month before technology research firm Gartner acquired CEB, a management consulting company, and that Mr. Wright shared news of the undisclosed deal with his brother-in-law. To pay for his trades, Mr. Clark sold investments owned by his wife, borrowed money from a credit union and took a loan against his car, according to the SEC. Mr. Clark bet on the shares because he believed CEB’s stock price was undervalued at the time and would climb as the broader market roared higher afterMr. Clark’s bets on CEB options weren’t out of character with his previous trading, according to court records.
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