On December 10, 2014, the Second Circuit reversed insider trading convictions of two former hedge fund managers, holding that, to sustain a conviction for insider trading, the government must prove a tippee who trades on the basis of material non-public information had knowledge that the tipper not only disclosed confidential inside information, but also that he did so in exchange for a personal benefit. United States v. Newman, Index Nos. 13?1837?cr (L), 13?1917?cr (con) (2d Cir. Dec. 10, 2014)... Continue Reading