United States v. McGee

MEMORANDUM OPINION

SAVAGE, District Judge.

Following the jury’s verdict finding him guilty of securities fraud1 and perjury,2 defendant Timothy McGee moved for judgment of acquittal or, in the alternative, a new trial. We denied his motion and now explain why.

The trial evidence, viewed in favor of the government, was that McGee obtained information from an insider that Philadelphia Consolidated Holding Company (“PHLY”) was about to be purchased by another company for a price three *469times book value. McGee used the nonpublic information to trade in the company’s stock, which resulted in a…