Insider trading case dismissed in Milwaukee

File photo (WLUK)

MILWAUKEE (AP) - An insider trading case against a former Heartland Advisors executive has been dismissed.

A federal judge has thrown out the case brought against Jilaine Bauer. Civil charges were filed in 2003 against Bauer by the U.S. Securities and Exchange Commission.

Bauer was accused of redeeming shares of a Heartland municipal bond fund shortly before the price plummeted avoiding a loss of about $20,000. U.S. District Judge Charles Clevert in 2011 said Bauer engaged in insider trading.

The Journal Sentinel says a federal appeals court in Chicago reversed that ruling last year and sent the case back to Clevert, who recently dismissed it.