“Whether the defendant’s motive is direct economic profit, selfaggrandizement, psychic satisfaction from benefiting a loved one, or future profits by enhancing one’s reputation as a successful fund manager, the insider trader who trades for another’s account has engaged in a fraud, secured a benefit thereby, and directed the profits of the fraud where he has chosen them to go,” Circuit Judge Gerard Lynch wrote for the majority.
via U.S. court boosts SEC’s power to recoup insider trading profits — Reuters
