SEC Wins IBM Insider Trading Trial In Post-Newman Coup

Law360, New York (February 29, 2016, 5:43 PM EST) -- A New York federal jury on Monday found two brokers liable for trading on inside information about a $1.2 billion IBM acquisition in a closely watched test of the U.S. Securities and Exchange Commission’s enforcement powers following the Newman appeals court ruling.

(Credit: AP) A jury in Manhattan court found that former Euro Pacific Capital Inc. brokers Daryl Payton and Benjamin Durant had improperly purchased shares of SPSS Inc. before the statistical software company was acquired by IBM Corp. in 2009.

The SEC has claimed that...
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