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Statement on Jury Verdict in Insider Trading Trial of Ralph J. Pirtle and Morando Berrettini

Andrew Ceresney

Director of Enforcement

Sept. 24, 2015

Pirtle and Berrettini used their access to highly confidential information to illegally profit at the expense of ordinary investors who played by the rules. Today's jury verdict reaffirms our commitment to aggressively root out and prosecute insider trading schemes in order to protect the integrity of our markets.


Today, a federal jury in Chicago found defendants Ralph J. Pirtle and Morando Berrettini liable for insider trading in violation of Section 10(b) of the Exchange Act.  The jury found Pirtle liable on Counts I-III of the SEC’s Complaint for tipping Berrettini with material, non-public information regarding three stocks: Lifeline, Invacare, and Intermagnetics. The jury similarly found Berrettini liable on Counts I-III for trading in those same three stocks based on Pirtle’s tips. Consistent with Judge Dow’s instructions, the jury – already having found the defendants liable on Counts I-III – did not consider Counts IV-VI against Berrettini, which were pled in the alternative.

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