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Comment: Court may revisit insider trading issue after Martona' appeal was upheld

Friday, August 25, 2017

Benedicte Gravrand, Opalesque Geneva:

A federal appeals panel supported on Wednesday the insider trading conviction of Mathew Martoma, a former portfolio manager for Steven A. Cohen, currently serving a nine-year prison sentence. Martona, 43, was found guilty in September 2014 of securities fraud and insider trading. Martona's lawyers argued that the jury in the trial had not been properly instructed and that the evidence the government presented was not sufficient to support a conviction, reports NYTimes.

The Court answered 'yes' the question of whether Salman repealed the portion of Newman that seemed to heighten the requirement for the relationship between the tipper and the tippee, according to Harry Sandick , partner at Patterson Belknap Webb & Tyler LLP and a former Assistant US Attorney for the SDNY.

"There is no requirement anymore in the Second Circuit that there be a "meaningfully close personal relationship" between the tipper and the tippee," he continues. "This part of Newman is not good law after Salman. The Supreme Court decided many years ago in Dirks that the test for whether there has been a breach is if the tipper personally benefits from the disclosure to the tippe......................

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