SEC to collect illegal proceeds from insider trading

The U.S. Securities and Exchange Commission (SEC) was awarded a ruling on Feb. 18 that may allow the organization to collect illegal proceeds from money managers who engage in insider trading.

The U.S. Securities and Exchange Commission (SEC) was awarded a ruling on Feb. 18 that may allow the organization to collect illegal proceeds from money managers who engage in insider trading. This decision has the potential to affect future insider trading cases and provides the government to hold money managers accountable for profits generated from firms.

According to a recent Bloomberg report, the ruling came in an appeal by Whitman Capital LLC hedge fund founder Doug Whitman. The U.S. Court of Appeals in New York yesterday rejected his argument that the judge improperly instructed the jury on how to consider the issue of willful blindness at his insider trading trial. 

Contributing Author

Stefanie Mosca

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