Somehow I missed this last month, but what a great symbol of how unclear insider trading law is and how capricious the enforcement of it is: the news that the Securities and Exchange Commission is going to refund the $21.5 million that Level Global Investors paid as a settlement to the SEC after that firm was raided and shut down. The Second Circuit ruled that prosecutors were wrong to go after the firm and its personnel for behavior that was not illegal.
SEC Returns $21.5 Million Penalty to Hedge Fund
https://www.futureofcapitalism.com/2016/02/sec-returns-215-million-penalty-to-hedge-fund
by Editor | Related Topics: Capital Markets Regulation, SEC receive the latest by email: subscribe to the free futureofcapitalism.com mailing list