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Newman Undermines Plea In Wells Fargo Insider Suit: Filing

Law360, New York (January 29, 2015, 3:55 PM EST) -- A Florida man is seeking to withdraw his guilty plea over an alleged $11 million insider trading scheme involving a former Wells Fargo investment banker, marking the latest fallout from the Second Circuit’s landmark decision in U.S. v. Newman.

An attorney for defendant Matthew Musante said in a Tuesday court filing in North Carolina that he had failed to inform Musante about the legal defense used by former hedge fund traders Todd Newman and Anthony Chiasson in their successful Second Circuit appeal. In that case, the court reversed the traders’ convictions after ruling that prosecutors had failed to show they knew...

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North Carolina Western

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December 12, 2012

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