SEC Handed Rare Midtrial Defeat In Insider Trading Case

By Dean Seal (December 14, 2021, 9:29 PM EST) -- The U.S. Securities and Exchange Commission has suffered a rare midtrial loss after a Virginia federal judge dismissed the agency's insider trading case against a mortgage broker without hearing any evidence from the defendant.

After the regulator presented its case against Christopher Clark, a mortgage broker accused of trading on insider information about the stock of an IT consulting firm where his brother-in-law worked, U.S. District Judge Claude M. Hilton on Monday said he had not heard any direct evidence or even circumstantial evidence that Clark had obtained any confidential information or acted on it.

The SEC's case had turned heavily on what...

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