June 26, 2010
SEC Loses Major Insider Trading Case Involving SwapsAfter a three-week trial, a judge in S.D.N.Y. dismissed the SEC's insider trading case against Deutsche Bank salesman John-Paul Rorech and Renato Negrin, a manager of the Millenium hedge fund. The SEC alleged that the defendants shared confidential information about a debt restructuring and then traded swaps, but the judge said the SEC offered no evidence to support its allegations. This case was the SEC's first to allege insider-trading in connection with swaps. The court found that the SEC did have jurisdiction over insider trading in swaps. WSJ, Judge Dismisses Charges in Major 'Swaps' Case.
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