United States First Circuit

Conviction of securities fraud and conspiring to commit securities fraud under 15 U.S.C. sections 78j(b), 78ff(a), and 18 U.S.C. section 371 is affirmed where, even through defendant was neither a corporate insider nor a trader of securities, he is liable on the 'misappropriation; theory of liability for insider trading where: 1) evidence was sufficient to show that he knowingly breached a duty of confidence; 2) the District Court's instructions did not shift the burden of proof or misstate the state of mind element of the securities fraud offense; and 3) defendant received a benefit as a result of his disclosure.

Appellate Information

• Published 2016/07/27

Judges

• KAYATTA

Court

• United States First Circuit

Counsel