Which of the Following Was the Result on Appeal in United

Which of the following was the result on appeal in United States v. Carpenter, the case in the text in which it was claimed that federal securities law was violated by a scheme by which confidential information gained in the course of obtaining news material for the Wall Street Journal was sold to stockbrokers?

A) That the defendants were criminally liable for violating federal securities laws by misappropriating material, nonpublic information for their own profit in the purchase and sale of securities.
B) That the defendants were not criminally liable for violating federal securities laws by misappropriating material, nonpublic information for their own profit in the purchase and sale of securities but that they could be held liable in a civil action to any investors who suffered harm.
C) That the stockbrokers were criminally liable for violating federal securities laws by misappropriating material, nonpublic information for their own profit in the purchase and sale of securities but that there was no basis upon which the newspaper employees could be held criminally liable.
D) That the newspaper employees could be held criminally liable for violating federal securities laws by misappropriating material, nonpublic information for their own profit but that there was no basis upon which the stockbrokers could be held liable.
E) That there was no basis upon which either the newspaper employees or the stockbrokers could be held criminally liable under federal securities law or under civil causes of action brought by investors.