Convicted Trader Protests SEC Penalty In 2nd Circ.

Law360, New York (March 18, 2011, 7:46 PM EDT) -- The son of a former Taro Pharmaceuticals Industries Ltd. executive who served a nearly three-year prison sentence for trading on insider tips from his father told the Second Circuit Friday that the U.S. Securities and Exchange Commission demanded too high a civil penalty from him.

Amir Rosenthal asked a panel in the U.S. Court of Appeals for the Second Circuit to reverse a lower court ruling imposing a $3.6 million penalty, saying it is too onerous and bears no relationship to his trades of Taro stock...
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