Insider Trader Asks 2nd Circ. To Reverse $7.2M Loss To SEC

Law360, New York (October 7, 2013, 6:46 PM EDT) -- Former hedge fund manager Joseph Contorinis on Monday asked the Second Circuit to overturn a $7.2 million judgment in a U.S. Securities and Exchange Commission insider trading case against him, arguing that he personally earned much less than that from the trading.

Contorinis should not have to disgorge profits he never personally held, his lawyer told a panel of judges at oral arguments in Manhattan.

Disgorgement “is a remedy designed to return the defendant to the status quo. No more, no less.” said Roberto Finzi of...
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