The United States Appeals Court for the Second Circuit has ruled that a convicted insider trader found guilty of engaging in several illegal trades in 2005 must disgorge the windfall he reaped as a result of his misdeeds, but should not have to pay an amount equal to the losses he dodged.

Acting on nonpublic information obtained from a UBS employee, former Jeffries & Co. managing director Joseph Contorinis earned $7.2 million in profits for Jeffries Paragon Fund while avoiding $5.3 million in losses.

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