SEC's White Calls 2nd Circ. Insider Ruling 'Overly Narrow'

Law360, New York (December 11, 2014, 5:27 PM EST) -- U.S. Securities and Exchange Commission Chair Mary Jo White on Thursday said she is concerned a federal appeals court took too narrow a view on what constitutes illegal insider trading this week when it overturned the convictions of two former hedge fund managers.

White said her agency is still reviewing the 28-page decision the Second Circuit issued Wednesday, vacating the insider trading convictions of former Level Global Investors LP manager Anthony Chiasson and former Diamondback Capital Management LLC manager Todd Newman.

The decision from the three-judge panel gave a sharply-worded rebuke to U.S. Attorney Preet Bharara’s extensive crackdown on insider trading within...

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