Newman Cited In Tossing Ex-SAC Capital Exec's Guilty Plea

By Jody Godoy (June 21, 2019, 4:10 PM EDT) -- A New York federal judge on Friday vacated the guilty plea of a former portfolio manager at SAC Capital who copped to insider trading charges and cooperated with the government, saying the plea was insufficient given subsequent developments in insider trading law.

A federal judge vacated former SAC Capital portfolio manager Richard Lee's guilty plea on Friday. (AP)

Richard Lee pled guilty in 2013 but contested the basis for that plea in 2017, in part because of the Second Circuit's ruling in U.S. v. Newman clarifying what prosecutors must prove in an insider trading case under the Securities Exchange Act. U.S. Judge...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!