Preet Bharara is back in the saddle.
After a rare blemish on his once spotless record of insider-trading cases, the Manhattan US attorney's office on Thursday won the conviction of a former tech company executive.
David Riley, the former chief information officer for Foundry Networks, was found guilty of leaking tips about the $3 billion takeover of the company, helping stock traders reap $27 million in profits.
A Manhattan federal jury found him guilty of two counts of securities fraud and one count of conspiracy.
A mistrial was declared on a fourth fraud count on which jurors deadlocked.
Riley, 48, tipped off a friend who worked as an analyst for several hedge funds that Foundry was about to get bought by Brocade, prosecutors charged. Jurors weren't able to agree that
Riley committed another count of securities fraud for telling the friend that Brocade was having trouble securing a loan to complete the deal in October 2008.
Bharara's record was perfect until July, when a jury acquitted Rengan Rajaratnam, the younger brother of convicted Galleon Group hedge fund founder Raj Rajaratnam.
Bharara's office took the opportunity to brag about his winning streak, noting that Riley is "the 87th defendant convicted of insider trading after trial or by guilty plea in this District in the last five years."
Riley, whose sentencing is set for Feb. 6, plans to appeal the verdict.
"Our point was that the evidence was insufficient on all the counts, not just to single out October," said Riley's lawyer, John Kaley. "We're disappointed in the verdict."
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