Bucks lawyer convicted of insider trading

A Bucks County lawyer was convicted Friday in federal court of insider trading that netted him more than $75,000 in profit on an insurance-company merger, prosecutors said.

Herbert Sudfield, 64, of Doylestown, was working for a law firm that represented Harleysville Group, Inc. in its 2011 merger with Nationwide Mutual Insurance Company. Knowing the merger was coming, Sudfield purchased shares of Harleysville stock before the deal was publicly announced, prosecutors said.

Sudfield then lied to the FBI about his prior knowledge about the deal and details about his stock purchase, prosecutors said.

He faces a maximum sentence of 25 years in prison.

- Robert Moran