Word: courts
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...line, though, between legitimate information-gathering and illegal insider trading is hardly a clear one. Technically, no laws ban trading on non-public information; prosecutions are based on legal theories that were developed in earlier court cases. "It's one of those areas where the courts say, 'I know it when I see it,' " says Gerald Lefcourt, a white-collar criminal defense lawyer in New York and past president of the National Association of Criminal Defense Lawyers. (See pictures of the top 10 scared stock traders...
...material and non-public. Second, revealing or trading on the information must entail knowingly breaching a duty of "trust or confidence." This can be a fiduciary duty, which an officer of a company would have to a firm's shareholders (perhaps an Intel managing director), or - as the Supreme Court has more recently found - a lower-level employee who has a broader duty to not share, or personally benefit from, his firm's proprietary information (maybe a McKinsey consultant...
...case in recent memory (though Martha Stewart ultimately went to prison for obstruction of justice and making false statements, not insider trading), many of the other instances could be more open to interpretation. This is a big case, and it will take a long time to untangle it in court...
Colleagues remember the prominent critic of the California state court system as a “mainstream gadfly,” who frequently dissented at the law school’s faculty meetings...
...Lankan stock market and manipulate it to suit Tiger strategies to undermine the Sri Lankan economy. Though he has not faced any formal charges in Sri Lanka, Rajaratnam and the Galleon Group, the hedge fund he founded, have been linked by Sri Lankan financial authorities to a pending court case in which a sitting parliamentarian is among the accused facing charges of violating exchange control rules. (Watch a video about the final days of Sri Lanka's civil...