2nd Circ. OKs Ex-Jefferies Exec's Insider Trading Conviction

Law360, New York (August 20, 2012, 1:44 PM EDT) -- Insider information can be considered "material and nonpublic" even if it mirrors reports in public media outlets, the Second Circuit ruled on Friday, affirming a guilty verdict for a former Jefferies Paragon fund money manager convicted of insider trading while remanding his $12 million forfeiture order as excessive. 

In a published opinion, a three judge panel said that the jury was properly informed about the definition of “material, nonpublic information” in finding Joseph Contorinis, 47, guilty of insider trading, even though it did not receive instructions...
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