Arab Today, arab today supreme court rejects review of insider trading ruling
Last Updated : GMT 02:16:14
Arab Today, arab today
Arab Today, arab today

Supreme Court rejects review of insider trading ruling

Arab Today, arab today

Arab Today, arab today Supreme Court rejects review of insider trading ruling

The US Supreme Court's ruling is seen as a major blow to the insider-trading crackdown
New York - AFP

The US Supreme Court rejected Monday a challenge by the Obama administration to a lower-court ruling that threw out insider-trading convictions of two portfolio managers and could overturn additional cases.

The highest US court, without comment, let stand a December 2014 US court of appeals ruling that reversed the convictions of Todd Newman of Diamondback Capital Management and Anthony Chiasson of Level Global Investors, two hedge fund figures targeted in the government's multi-year crackdown on insider trading.

A three-judge panel of the appeals court said Newman and Chiasson were too far away from the original leak of insider information and may not have realized the information, which came from corporate insiders at Dell and Nvidia, was obtained improperly and not through legitimate industry analysis.

The panel also held that prosecutors had not shown that Newman and Chiasson knew that insiders at Dell and Nvidia disclosed secrets "in exchange for a personal benefit."

The appeals court ruling was a blow to the insider-trading crackdown led by President Barack Obama's administration, and particularly to the efforts of US Attorney Preet Bharara in New York City, who had a lengthy winning streak on prominent cases including figures from the hedge funds Galleon and SAC Capital.

The Obama administration in July filed a petition for a writ of certiorari to reconsider the appeals decision, saying it conflicted with Supreme Court precedent and that the ruling would cheat legitimate financial analysts and investors and create "an obvious roadmap for unscrupulous insiders and tippees."
Bharara said Monday that the Supreme Court's move to let the ruling stand is a "potential bonanza for friends and family of rich people with material non-public information."

"We think there's a category of conduct that arguably will go unpunished going forward," Bharara said on a conference call with reporters.

Bharara said the decision would affect about 10 percent of the more than 100 insider trading convictions he has obtained.

The Supreme Court's response to the appeal had been closely eyed by defendants in other major insider cases. Bloomberg News reported that as many as 10 convictions could be overturned as a result of the decision.

Bharara declined to discuss specific cases affected by the appeals ruling, but said the affected defendants would find out "very shortly."

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today supreme court rejects review of insider trading ruling Arab Today, arab today supreme court rejects review of insider trading ruling

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today supreme court rejects review of insider trading ruling Arab Today, arab today supreme court rejects review of insider trading ruling

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Malaysia Airlines picks new CEO

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Residents get glimpse of Raqa in ruins

GMT 07:10 2017 Saturday ,21 October

Residents get glimpse of Raqa in ruins
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 09:56 2017 Friday ,20 October

Privacy Groups Warn of Perils

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday