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Insider-Trading Cases Imperiled

U.S. Supreme Court declines to consider a case that the Obama administration says plots a road map for securities fraud.

By Greg Stohr and Patricia Hurtado, Bloomberg | Updated on October 05, 2015

The U.S. Supreme Court let stand a major insider-trading ruling that threatens at least 10 convictions and creates what the Obama administration calls a road map for securities fraud.

Rejecting an administration appeal without comment, the justices refused to consider reinstating the overturned convictions of hedge fund managers Todd Newman and Anthony Chiasson. Among those who may benefit are SAC Capital Advisors LP’s Michael Steinberg, who is seeking to reverse his own conviction on similar grounds.

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