… Given the push by enforcement authorities to expand the web of those who may be subject to these relationships, the number
of insider trading cases brought under the misappropriation
theory can be expected to grow. But just as this theory expands the universe of potential defendants, as United States v. Gansman recently showed, the very same relationship of trust and confidence on which the theory is based may be turned by an alleged tipper into an insider trading defense.
‘Enforcement 40’ for 2020
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