LOCAL : Carl’s Accountant Wins Acquittal
The chief accountant for the parent company of the Carl’s Jr. hamburger chain was acquitted today of insider-trading charges stemming from his sale of company stock days before its value plunged.
Alvin DeShano, 55, of Orange brushed away tears as the verdict exonerating him of a single count of securities fraud was announced.
The federal court jury reached its verdict after deliberating a little more than two days following a two-week trial in U.S. District Court in Los Angeles.
U.S. Atty. James Sanders tried to convince jurors that DeShano, the chief accountant for Anaheim-based Carl Karcher Enterprises, sold 1,725 of his shares of company stock on Oct. 15, 1984, to avoid a $7,107 loss because he knew the firm was about to disclose a sharp drop in its earnings.
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