In his first interview since the case ended, Lee set out to explain why he would admit to insider trading he steadfastly denies took place. According to Lee and his lawyer, the former trader’s ordeal highlights what can happen when a busy investment professional is suddenly called to account for a handful of trades on a single day, years after the fact.
“There’s a misconception that portfolio managers and analysts and trading professionals remember every single trade that they did, regardless of whether it is completely lawful, in the gray area or illegal,” said Greg Morvillo, Lee’s lawyer. “You’re talking about four, four and a half years later. It’s very hard to remember the details of how a day evolved.”
‘Enforcement 40’ for 2020
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