Ex-Musicland Investor Asks 3rd Circ. To Drop $50M SEC Fines

Law360, Philadelphia (April 23, 2013, 3:05 PM EDT) -- The attorney for a former Musicland Stores Corp. investor previously convicted of insider trading asked the Third Circuit to reverse a ruling obligating him to pay $49.5 million stemming from stock profits realized after he made false regulatory filings, contending that the filings did not cause the profits.

Cheryl Krause of Dechert LLP —  representing Alfred S. Teo, who was formerly Musicland's largest single shareholder — told the three-judge panel that there was no connection between Teo's failure to disclose the extent of his stock holdings...
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