Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : CHRZ - What is the near term outlook? -- Ignore unavailable to you. Want to Upgrade?

To: TEDennis who wrote (440)	11/20/2003 9:16:21 AM
From: TEDennis	Read Replies (1) \| Respond to of 443

Govt Appeals Ruling In Computer Horizons Ex-CEO Case NEW YORK (Dow Jones)--Federal prosecutors in New York appealed a judge's decision to overturn the insider-trading conviction of former Computer Horizons Corp. In an unusually speedy action, Manhattan U.S. Attorney Jim Comey's office on Friday filed a notice of appeal with the U.S. Court of Appeals for the 2nd Circuit, potentially paving the way for another trial. On Thursday, U.S. District Judge Robert W. Sweet in Manhattan overturned the conviction, saying the government provided "insufficient evidence" supporting Cassese's alleged criminal intent. Cassese was found guilty by a jury of one count of insider trading in late September. It was his second trial in the matter; the first ended in a mistrial earlier that month. Prosecutors had 30 days to file an appeal; Comey spokesman Michael Kulstad declined to comment on why the appeal was filed so quickly. Cassese's lawyer, David Brodsky, couldn't immediately be reached for comment. On Thursday, he said the government's prosecution of Cassese caused his client " to suffer enormous and unnecessary reputational damage and forced him to leave the company that he built and loved to run." The appeals court could affirm Judge Sweet's decision, order a retrial or overturn the opinion and reinstate the jury's conviction. Prosecutors had charged that Cassese, who left Computer Horizons in March, made more than $150,000 by buying 15,000 shares of Data Processing Resources Corp. (NasdaqNM:CPWR - News) the day before its board approved an acquisition by Compuware Corp. in June 1999. The government argued that he learned of the pending merger when Compuware's chief executive called to tell him he wasn't acquiring Computer Horizons. The day after the phone call, Cassese bought shares of Data Processing for $13.25 each. When Compuware's offer of $24 a share for Data Processing was announced two days later, Cassese sold the shares that day at a $150,937 profit, prosecutors charged. He paid more than $300,000 last year to settle an investigation by the U.S. Securities and Exchange Commission. biz.yahoo.com