Scalia, Thomas Seek Case Challenging SEC Power

Law360, New York (November 10, 2014, 2:30 PM EST) -- The U.S. Supreme Court has denied a hedge fund founder's request for review of his insider-trading conviction, but in a rare attached note, Justices Antonin Scalia and Clarence Thomas encouraged observers to bring them a case that would more clearly confront an issue nested in the appeal: the extent of regulators' power to define crimes.

In February, the Second Circuit upheld Doug Whitman's August 2012 jury conviction for downstream insider trading in Google and others through his eponymous company, Whitman Capital LLC. And the Supreme Court said Monday that it would not grant review on the grounds on which Whitman had...

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