No. 02-1672.

329 F.3d 34 (2003)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff, Appellant, v. Michael G. SARGENT and Dennis J. Shepard, Defendants, Appellees.

United States Court of Appeals, First Circuit.

Decided May 15, 2003.

Attorney(s) appearing for the Case

Eric Summergrad, Deputy Solicitor, with whom Giovanni P. Prezioso, General Counsel, Meyer Eisenberg, Deputy General Counsel, and Michael A. Conley, Attorney Fellow, were on brief, for appellant.

Matthew C. Donahue, with whom Eno, Boulay, Martin & Donahue, LLP, was on brief, for appellee Dennis J. Shepard.

Gary C. Crossen, with whom Rubin and Rudman LLP, was on brief, for appellee Michael G. Sargent.

Before TORRUELLA, Circuit Judge, STAHL, Senior Circuit Judge, and HOWARD, Circuit Judge.

TORRUELLA, Circuit Judge.

Defendant-appellee Dennis J. Shepard illegally shared confidential information regarding an upcoming tender offer with defendant-appellee Michael G. Sargent, who profited by using the information to trade in the target's stock. Sargent recommended the target's stock to co-defendant Robert Scharn, who also realized profits on the trades. In a civil enforcement action brought by plaintiff-appellant Securities and Exchange Commission ("SEC"...

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