The recent conviction of Michael Steinberg, a former senior trader at SAC, highlights the power of the government to obtain a conviction when armed with the ability to have a jury charged on a conscious avoidance theory of fraud. The case proceeded without any direct evidence establishing that Mr. Steinberg explicitly knew that the information provided to him was improper inside information.
Insider Trading And Conscious Avoidance: Handling The Government's Most Powerful Prosecutorial Tool
Forbes - 23 Dec 2013 21:29
The recent conviction of Michael Steinberg, a former senior trader at SAC, highlights the power of the government to obtain a conviction when armed with the ability to have a jury charged on a conscious avoidance theory of fraud. The case proceeded without any direct evidence establishing that Mr. Steinberg explicitly knew that the information provided to him was improper inside information.
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