Is The Misappropriation Theory Of Insider Trading Dead?

Law360, New York (March 27, 2014, 5:08 PM EDT) -- In one of the highest-profile white collar criminal cases this year, on Feb. 6, 2014, Mathew Martoma, a former portfolio manager at SAC Capital Advisors LP was convicted of insider trading. While the conviction grabbed headlines because it was one of the first cases to involve alleged facts that linked Steven A. Cohen — SAC’s founder, whose estimated worth is approximately $9 billion — to questionable trades at his firm, the legal theory employed by the prosecution was not especially noteworthy.

Martoma was convicted based on...
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