Ex-Hedge Funder Seeks To Nix Charges In $30M Hack Scheme
Law360, New York (July 3, 2017, 7:09 PM EDT) -- A former hedge fund manager and ex-Morgan Stanley vice president has asked a New York federal judge to throw out all but one of the charges against him over an alleged $30 million scheme to trade on hacked information from financial newswires, deeming the counts legally insufficient.
Vitaly Korchevsky contended on Friday that the government’s securities fraud charges don’t specify which theory of insider trading Korchevsky is being charged with, nor does the government properly identify the materiality of the nonpublic information that supports the charges.
While prosecutors appear to allege a misappropriation of confidential information theory of insider trading, that...
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