Analysis

Insider Tips Case Shows 3rd Circ.'s Caution On Sentencings

Law360 (February 16, 2018, 4:31 PM EST) -- A recent Third Circuit opinion that scrapped a nearly four-year prison sentence for a former Simpson Thacher & Bartlett LLP managing clerk convicted in a $5.6 million insider trading scheme is consistent with a wider pattern by the appeals court of taking a hard look at sentencing overreaches, court watchers say.

In finding that prosecutors failed to show defendant Steven Metro was aware of a third individual trading on the information he'd provided, the Third Circuit made clear that without evidence a defendant was working in concert with a third party, it is not appropriate to hold him responsible for that...

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