Criminal
Dec. 17, 2014
Reversal of insider trading convictions will impact traders
The 2nd Circuit just made prosecuting insider trading more difficult to convict. The decision has two major implications for traders. By Jason de Bretteville and Justin B. Bernstein
The 2nd U.S. Circuit Court of Appeals just made prosecuting insider trading more difficult. In United States v. Newman, 13-1837 (Dec. 10, 2014), the court held that to convict a person who traded on insider information - a tippee - the government must prove the tippee knew that an insider disclosed material nonpublic information for personal benefit. The opinion has two major implications for traders.
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