A financial adviser who made more than $250,000 trading on insider information he got from a fellow Alcoholics Anonymous member failed in his bid to overturn his conviction by challenging the validity of the rule he violated.
Timothy McGee, who was convicted by a jury in 2012 of securities fraud, had argued to the U.S. Court of Appeals for the Third Circuit that the U.S. Securities and Exchange Commission’s rule triggering liability for use of misappropriated information in trading is invalid since it doesn’t require a fiduciary relationship between the person who used the misappropriated information and the source of that information.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
