The Ninth Circuit, in a decision issued on July 6, 2015, has upheld the insider trading conviction of Bassam Yacoub Salman for insider trading securities fraud (United States v. Salman, 2015 WL 4068903 (9th Cir. 2015)). Salman traded based upon material non-public information he received from a friend who had in turn received the information from his investment banker brother. Salman's conviction was upheld despite Salman's contention that the Second Circuit decision in United States v. Newman, 773 F.3d 438 (2d Cir. 2014), required the insider tipper to receive a greater level of personal benefit than was present in the Salman's case. To read more from our team in New York, click here.
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