SAC Trader, Gov't Disagree Over Salman In 2nd Circ. Case

Law360, New York (January 9, 2017, 5:58 PM EST) -- The federal government and former SAC Capital Advisors LP manager Mathew Martoma butted heads in the Second Circuit on Friday over how the U.S. Supreme Court’s recent decision in the Salman insider trading case affects Martoma’s challenge to his own conviction for trading on inside information.

The Justice Department said the high court’s ruling in United States v. Salman strengthens Martoma’s conviction because it clarifies that a personal benefit can include a gift of confidential information when passed between trading relatives or friends, while Martoma insisted...
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