U.S. District Judge Kenneth Ryskamp overturned a jury verdict that found DG Systems Chairman Scott Ginsburg liable of tipping.
Ginsburg said, "I am deeply grateful to my friends, attorneys and family who have stood next to me and supported my efforts to fight the charges against me. It has been a 5 1/2-year ordeal and my faith in our legal system has never wavered.
"The lesson to be learned is that an individual does have the right to challenge our government in a respectful and vigorous manner. I am grateful to Judge Ryskamp for clearing my name and for the district court's action."
The DG Systems Chairman and former Evergreen Media CEO was found in April to have violated federal securities laws when he was said to have provided insider information about the potential acquisitions of EZ Communications and Katz Media Group to his brother and father. In July, Judge Ryskamp ordered Ginsburg to pay $1 million.
Ginsburg appealed the decision, saying it had been based on speculation. Judge Ryskamp agreed, and stated the SEC had provided insufficient evidence.