After a week and a half of deliberations, a federal court jury did not deliver a unanimous verdict May 12 on whether Jim Mazzo, vice chair of the Chapman Board of Trustees, was guilty of 13 counts of insider trading charges. As a result, U.S. District Court Judge Andrew Guilford called a mistrial.
The jury was split 8-4, with the majority of jurors in favor of convicting Mazzo, courtroom deputy Lisa Bredahl told The Panther. The prosecution, which is the U.S. Attorney’s Office, has not decided whether it will retry Mazzo, and Bredahl said that this will be determined at a later date. The prosecution can choose to dismiss the case or retry Mazzo.
Closing arguments concluded May 3 after an eight-week trial. Mazzo is accused of providing nonpublic information in late 2008 to former Angels baseball player Doug DeCinces, who was also on trial for insider trading charges.
Insider trading is the illegal use of information that is available only to insiders in a company, shared with outside investors in order to make a profit in financial trading.
Doti, who told The Panther that he has known Mazzo for 15 years, testified in Mazzo’s defense April 21. He said that he was not sure that Mazzo would be removed from the Chapman Board of Trustees if he is convicted, according to documents provided to The Panther by the Los Angeles Daily Journal. However, Doti told The Panther May 2 that he does not want to comment on the possibility of Mazzo’s conviction, because he does not believe it will happen.
Doti could not be immediately reached May 12 to confirm how the mistrial affects Mazzo’s place on the Board of Trustees. Mazzo has been on the board since 2006 and was appointed vice chair in 2016, two years after being indicted by the FBI for insider trading charges.
This is a developing story. Follow The Panther as we continue reporting.
Click through this timeline to read the series of events that led to the trial.
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