An insider trader can be required to disgorge the profits he channeled to others above and beyond the profits he earned for himself, the U.S. Court of Appeals for the Second Circuit ruled Tuesday.
February 19, 2014 at 12:00 AM
1 minute read
An insider trader can be required to disgorge the profits he channeled to others above and beyond the profits he earned for himself, the U.S. Court of Appeals for the Second Circuit ruled Tuesday.
A divided Second Circuit said Joseph Contorinis, a convicted investment fund manager, was rightly ordered to repay the full amount he made by acquiring confidential information about the Albertson’s supermarket chain.
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