Defense Opens Insider Trading Case With Attack on Witness

Insider trading of about $70 million of technology stocks is the reason today, that Anthony Chiasson, co-founder of Level Global Investors and the former portfolio manager of Diamondback Capital Management, Todd Newman is on the trial block among a jury.  The others that were involved in this scandal have pled guilty and are cooperating.  There are two main witnesses in this case that the government are relying on, Jesse Tortora, a former Diamondback analyst, and Spyridon Adondakis, who goes by Sam, a former analyst at LevelGlobal.  It was earlier this year that the 8 wallstreet traders were prosecuted fort their greed filled illegal acts by receiving insider informationto make their trading decisions.

http://dealbook.nytimes.com/2012/11/13/defense-opens-insider-trade-case-with-attack-on-witnesses/

"Insider trading is the trading of a corporations stocks or other securities (such as bonds or stock options) by individuals with access to non-public information about the company. In most countries, trading by corporate insiders such as officers, key employees, directors, and large shareholders may be legal, if this trading is done in a way that does not take advantage of non-public information."
"http://en.wikipedia.org/wiki/Insider_trading"


"Rules against insider trading on material non-public information exist in most jurisdictions around the world, but the details and the efforts to enforce them vary considerably. Sections 16(b) and 10(b) of the Securities Exchange Act of 1934 directly and indirectly address insider trading. Congress enacted this act after the stock market crash of 1929.^[7] The United States is generally viewed as having the strictest laws against illegal insider trading, and makes the most serious efforts to enforce them^{"
 http://en.wikipedia.org/wiki/Insider_trading}