Joseph Dupont, the source of the insider information, faced legal consequences as well. Although Dupont did not engage in trading or receive illicit profits, he violated the law by divulging confidential details about the impending merger. Recently, Judge Woods sentenced Dupont to home confinement.
Another player in this high-stakes drama, Paul Feldman of Poughquag, New York, also pleaded guilty to securities fraud on Tuesday. Feldman, tipped off by Cronin, is set to be sentenced on May 13 and faces a potential three-year prison term. His plea agreement includes forfeiting more than $1.7 million.
Former Police Chief Cops To Insider Trading Charges In NY : Legal Counsels React
Attorneys representing Cronin and Feldman, Arthur Aidala and Michael Bachner respectively, conveyed their clients’ acceptance of responsibility. Aidala stated, “Cronin regrets his momentary lapse of good judgment and hopes to return to public service in the future.” Meanwhile, Bachner expressed confidence in the judicial process, hoping for a fair and just sentence considering Feldman’s personal and professional characteristics.
A Broader Legal Landscape
The U.S. Attorney’s Office for the Southern District of New York handled the criminal case, with U.S. Attorney Damian Williams condemning the actions of Cronin and Feldman. Williams emphasized the breach of trust, noting that as a former police chief and a medical doctor, the two individuals held positions of responsibility within their communities.
