NEW YORK (Reuters) - Federal prosecutors in New York on Friday asked a
U.S. appeals court to reconsider a landmark ruling that curtailed their
ability to pursue insider trading cases and jeopardized several
convictions.
Prosecutors under Manhattan U.S. Attorney Preet Bharara asked the 2nd U.S. Circuit Court of Appeals to grant a rehearing in the case of hedge fund managers Todd Newman and Anthony Chiasson, who in December won the reversal of their insider trading convictions.
Prosecutors sought a rehearing by both the three-judge panel that ruled for Newman and Chiasson as well as the full appeals court, potentially 15 judges under its rules.
In their petition, prosecutors argued the decision broke with U.S. Supreme Court precedent and "threatens the effective enforcement of the securities laws."
"The panel's missteps will have serious consequences far beyond this case," prosecutors wrote.
Lawyers for Newman and Chiasson declined to comment.
The 2nd Circuit ruling held that prosecutors need to prove a trader knew that the original source of a tip received a benefit in exchange for the information.
Read more Click here / www.trade4x.net
Prosecutors under Manhattan U.S. Attorney Preet Bharara asked the 2nd U.S. Circuit Court of Appeals to grant a rehearing in the case of hedge fund managers Todd Newman and Anthony Chiasson, who in December won the reversal of their insider trading convictions.
Prosecutors sought a rehearing by both the three-judge panel that ruled for Newman and Chiasson as well as the full appeals court, potentially 15 judges under its rules.
In their petition, prosecutors argued the decision broke with U.S. Supreme Court precedent and "threatens the effective enforcement of the securities laws."
"The panel's missteps will have serious consequences far beyond this case," prosecutors wrote.
Lawyers for Newman and Chiasson declined to comment.
The 2nd Circuit ruling held that prosecutors need to prove a trader knew that the original source of a tip received a benefit in exchange for the information.
Read more Click here / www.trade4x.net
No comments:
Post a Comment