Appeals Courts Still Lost In Post-Newman Trading Muddle

By Carmen Germaine (May 27, 2016, 11:48 PM EDT) -- The First Circuit's Thursday decision upholding a Massachusetts attorney's conviction for trading on tips from a golf buddy widened a circuit split in the wake of the Second Circuit's Newman decision and showed that courts are waiting for the U.S. Supreme Court to chip them back onto the fairway in insider trading law, experts said.

In confirming Lowell, Massachusetts-based lawyer Douglas Parigian's insider trading conviction, a three-judge First Circuit panel nodded to the Second Circuit's 2014 decision in United States v. Newman and imposed a higher legal standard for criminal prosecutions. However, the panel said it can't go against the First...

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