The U.S. Court of Appeals for the Second Circuit upheld the insider trading conviction of former professional gambler William Walters on Tuesday, dismissing arguments his indictment should be dismissed because an FBI agent provided detailed leaks of the government’s investigation to news outlets.
While the panel—composed of Circuit Judges Denny Chin and Dennis Jacobs, and U.S. District Judge William Kuntz of the Eastern District of New York, sitting by designation—made clear it found the leaks by Special Agent David Chaves to be reprehensible and likely illegal, it held that the indictment and conviction of Walters were secured without the kind of overwhelming misconduct required for such drastic moves.
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