United States Third Circuit

Conviction for insider trading securities fraud and perjury is affirmed, where: 1) insider trading pursuant to the Securities and Exchange Commission Rule 10b5-2(b)(2) requires only a history, pattern, or practice of sharing confidences between the two parties; 2) a rational juror could find that defendant and his insider trading partner, who came to know each other through Alcoholics Anonymous meetings, had a relationship of trust or confidence based on their history, pattern or practice of sharing confidences related to sobriety to support a conviction of securities fraud; and 3) there was sufficient evidence to support a perjury conviction.

Appellate Information

• Decided 08/14/2014
• Published 08/14/2014

Judges

• ALDISERT

Court

• United States Third Circuit

Counsel