Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

Newman Decision Leads to Rare Loss for SEC in an AP

Bruce Carton | September 14, 2015
Today, SEC Administrative Law Judge Jason S. Patil dismissed an insider trading case against former Wells Fargo trader Joseph C. Ruggieri. Judge Patil found that the SEC failed to prove that the person who tipped Ruggieri did so for a personal benefit, as required by the recent, quite disruptive opinion by the Second Circuit in U.S. v. Newman
 
On September 29, 2014, the SEC announced an action against Ruggieri and his alleged tipper, a former Wells Fargo research analyst named Gregory T. Bolan, Jr. The SEC alleged that Bolan tipped Ruggieri in advance of several market-moving ratings upgrades or downgrades that Bolan made...
Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.