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SEC May Obtain Penalties for Insider Trading Only Where the Trader Profits or Avoids a Loss

[In SEC v. Rosenthal et al., 2011 WL 2247585 (2d Cir. June 9, 2011),] the court ruled that the SEC may not obtain civil money penalties when insider trading results in no monetary gain (profit or loss avoided) to the defendants. In other words, traders who trade on inside information, but do not obtain a […]