2nd Circ. TKOs Whitman's Post-Newman Insider Trading Case

Law360 (October 25, 2018, 4:45 PM EDT) -- The Second Circuit again refused to overturn the insider trading conviction of Silicon Valley hedge fund founder Doug Whitman on Thursday, saying that while recent rulings have rendered the jury instructions in his 2012 trial illegal, his former lawyers should have raised the argument in his first appeal.

Whitman was convicted in 2012 over trades in Google Inc. stock that prosecutors said were based on tips passed down from others. The Second Circuit agreed with Whitman on Thursday that the jury instructions at that trial did not measure up to court's current standard for what constitutes a “personal benefit” to a...

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