Supreme Court refuses to review insider trading decision deemed a 'roadmap for unscrupulous'
Posted Oct 05, 2015 09:26 am CDT
The U.S. Supreme Court has refused to review a decision overturning the insider-trading convictions of two hedge fund portfolio managers.
The December decision by the New York-based 2nd U.S. Circuit Court of Appeals reversed the convictions of Anthony Chiasson and Todd Newman. The appeals court said there must be proof the defendants were aware that insiders who disclosed the confidential information had had received a tangible benefit for doing so.
The U.S. Justice Department had urged the Supreme Court to hear the case. U.S. Solicitor General Donald Verrilli had claimed the appellate decision was a “an obvious roadmap for unscrupulous insiders and tippees.”
The case is United States v. Newman.