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Former Pinnacle Financial Partners director to pay $200,000 fine

Former Pinnacle Financial Partners Inc. director James Cope will pay a fine of $200,000 under an updated plea deal for insider trading, the Nashville (Tenn.) Business Journal reported Dec. 12.

Federal District Court Judge Aleta Trauger, who had earlier rejected the original agreement that included a fine of $55,000, accepted the updated plea deal. Aside from paying the $200,000 fine, Cope will also serve a two-year probationary sentence, including nine months of home confinement, according to the report.

The SEC charged Cope on Oct. 21 with insider trading based on nonpublic information he learned about Pinnacle's then-impending merger with Avenue Financial Holdings Inc. On the same day, the U.S. Attorney's Office for the Middle District of Tennessee filed a parallel criminal case against Cope.

Pinnacle completed its acquisition of Avenue on July 1.