As I discussed in detail in this month's column, on June 24, after a three-week bench trial, Judge John Koeltl of the SDNY dismissed the SEC's case and exonerated defendants Jon-Paul Rorech, a salesman at Deutsche Bank Securities, and Renato Negrin, a former portfolio manager at hedge fund Millennium Partners. The SEC alleged that the two men engaged in insider trading in credit default swaps.

Rorech's attorney, Richard Strassberg, stated from the day the case was filed that there had been no improper conduct and Rorech was simply doing his job selling the CDS. He argued that the discussions alleged to be illegal by the SEC were, in fact, standard industry practice in the marketing of high-yield bonds.

Strassberg told me that Rorech had been placed on paid leave from Deutsche Bank in mid-2009. Following last month's verdict in his favor, today brought even more good news for Rorech: UBS AG has hired him as a managing director of its hedge fund credit sales, a position he will start in early August 2010.

An SEC spokesman told Dow Jones Newswires, however, that the agency continues to "consider its options" with respect to an appeal of the judge's decision.