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2ND CIRCUIT OVERTURNS INSIDER TRADING COUNTS NEW YORK — A case arising from one of the nation’s largest insider trading schemes took an unusual turn when a federal appeals court overturned 81 of 84 guilty counts for three defendants charged with insider trading and related crimes. The Second Circuit U.S. Court of Appeals ruled that the Southern District of New York was not the proper venue for trying the three defendants from Kentucky, Jon Geibel, Chad Conner and Gordon Allen, in relation to multiple counts of insider trading. Many of the 84 charges included more than one defendant: Geibel was charged with 24 counts; Conner, with 84; and Allen, with 28. The Second Circuit panel, in a decision by Judge Rosemary Pooler, upheld the other three guilty counts, including a conspiracy charge to commit insider trading and two counts related to bribery. The case originated with great fanfare in March 2000, when prosecutors took action against 19 defendants that reaped more than $8 million in illegal profits. At the time, government attorneys called it the largest single criminal prosecution for insider trading, according to news reports. Eighteen of the 19 defendants, including Geibel, Conner and Allen, were found guilty or pleaded guilty to criminal charges. The 19th was found not guilty in March, the Securities and Exchange Commission said in a recent statement. — New York Law Journal

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