{"id":5820,"date":"2015-07-31T00:00:00","date_gmt":"2015-07-31T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/07\/us_doj_wants_supreme_court_to"},"modified":"2022-05-06T15:50:38","modified_gmt":"2022-05-06T20:50:38","slug":"us-doj-wants-supreme-court-to","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/us-doj-wants-supreme-court-to\/","title":{"rendered":"U.S. DOJ Wants Supreme Court To Review Major Insider Trading Ruling that Reversed the Convictions of Hedge Fund Managers"},"content":{"rendered":"

The U.S. Justice Department wants the Supreme Court to review the ruling in United States v. Newman <\/em>that overturned the convictions of hedge fund managers Todd Newman and Anthony Chiasson. The defendants were accused of trading on secondhand information they received regarding earnings announcements for Nvidia and Dell. The information was not public at the time. <\/p>\n

The two men denied the charges, which accused them of involvement in a scheme that made over $70 million from illegally trading technical stock. Chiasson and Newman were convicted of fraud and conspiracy in 2012. <\/p>\n

Last year, the United States Court of Appeals for the Second Circuit threw out the convictions. The court found that the government failed to prove that the tipper had benefited from the alleged scam. <\/p>\n

Neither Chiasson nor Newman ever directly interacted with the employees that were the source of the purported tips, which were then passed on to others. The Second Court said that it reversed the convictions because the jurors who ruled on the case were not told that they had to find that the two men knew that the tippers had benefited in return for disclosing the confidential information. <\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The U.S. Justice Department wants the Supreme Court to review the ruling in United States v. Newman that overturned the convictions of hedge fund managers Todd Newman and Anthony Chiasson. The defendants were accused of trading on secondhand information they received regarding earnings announcements for Nvidia and Dell. The information was not public at the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3811],"tags":[],"class_list":["post-5820","post","type-post","status-publish","format-standard","hentry","category-insider-trading"],"yoast_head":"\nU.S. DOJ Wants Supreme Court To Review Major Insider Trading Ruling that Reversed the Convictions of Hedge Fund Managers — Investor Lawyers Blog — July 31, 2015<\/title>\n<meta name=\"description\" content=\"The U.S. Justice Department wants the Supreme Court to review the ruling in United States v. 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