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In the Courts

By ALM Staff | Law Journal Newsletters |

Tenth Circuit Holds That Insider Trading 'Gain' Is Limited to the Portion of Profit Attributable to Defendant's Criminal Conduct

In United States v. Nacchio, No. 07-1311, 2009 WL 2343716 (10th Cir. July 31, 2009), the U.S. Court of Appeals for the Tenth Circuit held that a district court's sentencing order relied on an improper calculation of the defendant's “gain resulting from the offense” of insider trading because it was not limited to the gain specifically attributable to his criminal conduct. The Tenth Circuit also held that the district court erred in requiring the defendant to forfeit the gross amount of his criminal stock transactions rather than his net profit from those transactions.

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