The U.S. Supreme Court let stand a major insider-trading rulingthat threatens at least 10 convictions and creates what the Obamaadministration calls a road map for securities fraud.

Rejecting an administration appeal without comment, the justicesrefused to consider reinstating the overturned convictions of hedgefund managers Todd Newman and Anthony Chiasson. Among those who maybenefit are SAC Capital Advisors LP's Michael Steinberg, who isseeking to reverse his own conviction on similar grounds.

The rebuff is a blow to U.S. Attorney Preet Bharara, the NewYork prosecutor who had racked up more than 80 insider-tradingconvictions during a six-year attack on crooked fund managers,corporate insiders, and consultants. The high court's action camein a list of orders released on the first day of its new nine-monthterm.

Continue Reading for Free

Register and gain access to:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.