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'Dream' Alibi May Be Tested as Insider Trading Defendant Pleads Not Guilty

Bruce Carton | December 21, 2010

Up in Massachusetts, the local press is reporting that Carl Binette pleaded not guilty yesterday to an indictment charging insider trading in Safeco securities. Binette is charged with one count of conspiracy, five counts of securities fraud, and one count of obstruction of justice. You may recall that, as discussed here, prosecutors allege that Binette's uncle learned in the course of his job that Safeco was an acquisition target, and tipped off Binette. Talbot and Binette then proceeded to buy Safeco call options, leading to a profit of $615,833.

And why wouldn't Binette plead not guilty? As you may also recall, he has already provided the SEC with his...

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