Judge rejects plea in Jim Cope insider trading case - WSMV News 4

Judge rejects plea in Jim Cope insider trading case

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Jim Cope (WSMV file photo) Jim Cope (WSMV file photo)

A federal judge has rejected a plea agreement for former Rutherford County attorney Jim Cope.

Cope sat on the board of Pinnacle Bank. He pleaded guilty to insider trading last month.

Prosecutors said Cope bought shares of Avenue Bank, the bank Pinnacle was about the merge with, almost instantly making a profit of $56,000.

Monday, Judge Aleta Trauger rejected Cope’s proposed fine of $55,000.

Trauger learned that Cope's net worth is $12 million, with a monthly income of $37,000.

She proposed a fine of $200,000, but Cope’s attorneys asked to have the case continued for one to two weeks.

Cope also agreed to serve two years on probation, nine months of that time under house arrest.

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