Family Ties, Insider Trading & the Supreme Court
Inside information about upcoming corporate deals made its way from an investment banker through his family. Some family members traded and their bank accounts grew, some into the millions. But for it to be illegal insider trading, the insider who is the source of the information must have personally benefitted from sharing those secrets. Does this benefit have to be money or something else tangible? Or is a gift of information because of brotherly love and well-wishing enough? The US Supreme Court will soon decide. The case - Salman v. United States - is the subject of this radio commentary.