Case on appeal in New York to cast long shadow on insider trading convictions
A case on appeal would need to determine if there is a need to prove benefit redounding to tipper to be known by tippee in order to be convicted of insider trading.
Tags: Insider Trading
SAC Capital Advisors will plead guilty "to criminal fraud charges, stop investing money for others and 1.8 billion... to resolve criminal and civil claims against the hedge fund giant."
A Texas jury found Mark Cuban, the billionaire owner of the NBA's Dallas Mavericks, not liable on Wednesday of insider trading for the sale of his stock in an Internet company in 2004, CNBC reported. Cuban had faced up to $2.5 million in fines if he had been found guilty.
The U.S. government's wide-ranging insider trading probe of SAC Capital Advisors put increased pressure on founder Steve Cohen Friday, arresting principal manager Michael Steinberg. A high-ranking portfolio manager who handled technology, media and telecommunications stocks at the firm, Steinberg was indicted by a federal grand jury on four counts of securities fraud and one count of conspiracy to commit securities fraud, the authorities said. He is 41 years old.
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