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.