The insider trading convictions of former hedge fund portfolio managers Todd Newman and Anthony Chiasson were reversed Wednesday by the U.S. Court of Appeals for the Second Circuit.
A three-judge panel said that the government failed to produce sufficient evidence to show that Newman and Chiasson willfully engaged in either insider trading or an insider trading conspiracy or knew the sources of the insider information received a personal benefit. The court remanded the case with instructions to dismiss the indictment against them with prejudice.
