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Second Circuit 'Connolly' Ruling Shows Limits of Mail and Wire Fraud Statutes

The Connolly decision draws attention to the limits of the mail/wire fraud statutes — laws that are quite expansive but can also be stretched too far when applied to conduct in financial markets, especially markets tied to opaque rules and practices.

11 minute readApril 01, 2022 at 12:05 AM
By
Elkan Abramowitz
& Jonathan Sack
Second Circuit 'Connolly' Ruling Shows Limits of Mail and Wire Fraud Statutes

Since about 2011, the Department of Justice has devoted considerable effort to investigate and prosecute alleged manipulation of the London Inter-Bank Offer Rate (LIBOR).

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