7th Circ. Judge Skeptical Of Trader's Conspiracy Conviction

Law360 (September 24, 2020, 5:36 PM EDT) -- A Seventh Circuit judge on Thursday said it was "very difficult to see" how a California stock trader could be convicted for conspiracy for his role in an insider trading scheme without evidence the source of the inside information intended it to be widely distributed.

During oral argument, U.S. Circuit Judge Frank Easterbrook pressed the government to address whether the jury that convicted Eric Weller had been instructed to find whether the original source of the confidential information wanted or expected the details to be broadly shared.

Weller made about $550,000 trading Life Time Fitness stock after learning private information that the...

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