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U.S. prosecutors appeal reversal of insider trading conviction of Todd Newman and Anthony Chiasson

Monday, January 26, 2015

Komfie Manalo, Opalesque Asia:

United State prosecutors, led by Manhattan U.S. Attorney Preet Bharara, asked the 2nd U.S. Circuit Court of Appeals to reconsider its landmark ruling when it reverses the insider trading conviction of hedge fund managers Todd Newman and Anthony Chiasson, said BRecorder.com.

50-year-old Newman and 40-year-old Chiasson were found guilty in 2012 for their participation in a scheme that reportedly earned them $72m through trading on inside information about computer maker Dell Inc and chipmaker Nvidia Corp.

Bharara is asking the U.S. appeals court to grant a rehearing of the case, and argued that its ruling had curtailed their ability to pursue insider trading cases and jeopardized other convictions. The prosecutors told the court that the decision violates the U.S. Supreme Court precedent and "threatens the effective enforcement of the securities laws."

In December last year, a federal appeals court overturned the government’s signature insider trading convictions against Chiasson and Newman, a stunning blow to prosecutors and their campaign to root out illegal activity on Wall Street.

In a 28-page decision that could rewrite the course of insider trading law and sharply curtail its boundaries, the U.S. Court of Appeals for the S......................

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