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...

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