In a split decision, a federal judge on Thursday sentenced Chicago Lawyers use information from a friend to make a bid on sales involving an education-technology company, while the friend is acquitted in all things.
The jury deliberated for about nine hours over two days before announcing the verdict on Thursday afternoon in the courtroom of US Judge Manish Shah.
The lawyer, David Sargent38, d Glenviewwas convicted of six counts of securities fraud, but acquitted of conspiracy to defraud.
His co-accused, Christopher Klundt39, d San Franciscowas found not guilty on all seven counts of conspiracy and securities fraud, a rare result in a house where lawyers win more than 90% of cases that go to trial.
In an emailed statement, Klundt’s attorney, Terence Campbellwrote that Klundt and his family were “very grateful to the jury for seeing the truth in this case.”
“The evidence in this case was corroborated Mr. said Klundt never engaged in any misconduct – let alone any illegal behavior – and the court’s decision speaks that fact loudly and clarity,” the statement said. “We are very happy that Chris is now getting his life back after this long ordeal.”
But at the time, Sargent’s attorney called the decision “inconsistent” and said he would file an appeal for the court’s acquittal.
“The jury can’t find that right Mr. said Klundt not scored Mr. Sargentbut got that too Mr. Sargent it was announced,” lawyer Christopher Grohman said.
A charge was filed January 2022 accused Sargent of receiving confidential information from Klundt, a close friend and former employee, about Cheggof the California-founding educational technology company of which Klundt was the manager.
The information related to the company’s earnings in the first quarter of 2020, which Klundt knew would be strong based on internal meetings he attended, the indictment alleged. The indictment included an emoji Klundt allegedly texted to Sargent after the earnings call to show faces and dollar signs for eyes.
After receiving the information from Klundt, Sargent bought more shares and called the company’s stock options ahead of the earnings announcement, then quickly sold them after the information was made public. for a total profit. $110,000The lawyers have sued.
According to the indictment, Sargent and Klundt have been friends since joining the University of Wisconsin c Madison once. They founded an online research platform for high school and college students, and continued to work together after Sargent went on to earn his law degree from the University of Illinois College of Law. Klundt was also a groomsman in Sargent’s wedding, according to the charges.
Klundt denied knowing Sargent, however, when questioned by federal authorities about the traffickers. Chegg securities before the May 2020 suspended income, states the sentence.
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