A federal appeals court on Thursday revived a decade-old insider-trading case brought by the Securities and Exchange Commission against Nelson J. Obus, a New York hedge fund manager. In 2006, after a four-year investigation, the S.E.C. charged Mr. Obus, president of Wynnefield Capital, with illegal trading in the stock of SunSource after receiving confidential company information….
Judge George B. Daniels, a federal court judge in Manhattan, threw out the case in 2010, disagreeing with the S.E.C.’s definition of insider trading. But on Thursday, a three-judge panel for the United States Court of Appeals for the Second Circuit reversed the decision.
‘Enforcement 40’ for 2020
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