Arab Today, arab today supreme court rejects review of insider trading ruling
Last Updated : GMT 17:21:47
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."

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 Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today As Olympics loom,China plunges into biz

GMT 10:08 2017 Tuesday ,28 February

As Olympics loom,China plunges into biz
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Kalam Nawaem made a difference in social issues

GMT 06:43 2017 Tuesday ,28 February

Kalam Nawaem made a difference in social issues
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Parliament considers solutions to overpopulation

GMT 20:27 2017 Monday ,27 February

Parliament considers solutions to overpopulation
Arab Today, arab today Humans spark most US wildfires

GMT 14:58 2017 Tuesday ,28 February

Humans spark most US wildfires
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Final Phantom VII signals end of an era

GMT 14:31 2017 Tuesday ,28 February

Final Phantom VII signals end of an era
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Aspires present the story of Egypt’s first president

GMT 06:18 2017 Sunday ,26 February

Aspires present the story of Egypt’s first president
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:28 2017 Tuesday ,28 February

Dumbphones survive rise of the smartphone

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
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