US judge clears Pa. lobbyist of insider trading

April 28, 2009 10:47:20 AM PDT
A federal judge has cleared a Pennsylvania lobbyist of a civil charge of insider trading. Frederick W. Anton III is president and chief executive officer of the Pennsylvania Manufacturers' Association.

The Securities and Exchange Commission alleges that Anton revealed insider information about an insurance company to a finance executive, helping him avoid huge stock losses. Anton was chairman of the Blue Bell-based insurance company, PMA Capital Corporation.

U.S. District Judge Juan R. Sanchez presided over a judge-only trial. In a ruling last week, he says the SEC did not prove that Anton benefitted from the alleged disclosure.

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