Feds Drop Case Against Ex-SAC Exec Ahead Of Trial

Law360 (November 7, 2019, 12:41 PM EST) -- Manhattan federal prosecutors have dropped insider trading charges against a former portfolio manager at SAC Capital who was headed to trial after getting his 2013 guilty plea vacated for falling short of the legal bar set out in the Second Circuit's Newman decision.

In a request filed Thursday, prosecutors dropped their case against Richard Lee, citing the fact that the evidence is now 10 years old and that he has paid penalties to the U.S. Securities and Exchange Commission.

"The government has determined that it is in the public interest to dismiss the charges pending against Lee," prosecutors wrote in the...

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