Xinhua Execs Duck Charges In $50M Insider Trading Case

Law360, New York (July 12, 2012, 8:01 PM EDT) -- A Washington federal judge on Wednesday dismissed the bulk of the government's case charging two former Xinhua Finance Ltd. board members and the company's ex-CEO in a $50 million insider trading scheme, saying that the indictment failed to show any actual false statements made by the defendants.

U.S. District Judge Royce C. Lamberth said that the government failed to make substantive allegations that former Xinhua board members Shelly Singhal and Dennis Pelino as well as the company's ex-CEO Loretta Fredy Bush made false statements related to...
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