Jury Still Out In Hedge-Fund Insider-Trading Trial

Oct 2 2014 | 6:30am ET

A jury will continue to consider the guilt of an alleged hedge-fund tipster, a judge said yesterday.

The panel said they have come to a verdict on three of the four fraud and conspiracy counts against former Foundry Networks chief information officer David Riley, accused of telling a hedge-fund analyst about the company’s impending acquisition. The judge presiding over the case said the jurors would go back to work today trying to reach accord on the fourth charge.

Jurors have been deliberating since Monday.

Prosecutors say that Riley told Artis Capital Management’s Matthew Teeple about Brocade Communications Systems’ planned deal for Foundry in 2008. Teeple, who testified against Riley, then told 15 others. Riley’s lawyers have argued that he didn’t know the information he’s alleged to have told Teeple.

If convicted, Riley faces up to 20 years in prison.

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