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Insider trading charges dropped

 Insider trading charges dropped

Federal prosecutors have dropped insider-trading charges against a former Tricon Global Restfinancial analyst who accumulated $1.5 million from trading in company stock options in 1998 and 1999. Devin A. Danehy, who worked for Tricon before it changed is name to Yum! Brands, stood trial on the charges last November, but the jury deadlocked on whether he illegally used nonpublic information he received on the job to gain an advantage in his options trading. Judge John G. Heyburn declared a mistrial. A retrial had been set for next Monday, but Assistant U.S. Attorney James R. Lesousky filed a motion last week asking the federal court in Louisville to dismiss the charges against Danehy, citing new evidence that would make a conviction unlikely. U. S. Attorney David L. Huber declined to identify the evidence. “It is rare for us to dismiss cases,” Huber said. “But it happens.” Michael R. Mazzoli, one of Danehey’s lawyers, said he wasn’t told of the evidence referred to by the prosecutors. “Curiosity aside, I’m just pleased with the decision that they made,” he said. “They’ve done the right thing.”. . .