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United States v. McDermott

(2001)

United States Court of Appeals for the Second Circuit - 245 F.3d 133

tl;dr:

Where the defendant does not agree to pass on the information to a third party, he is not guilty of conspiracy to commit insider trading.

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Facts & HoldingUnited States v. McDermott case brief facts & holding

Facts:The defendant was the President of a company. He was...

Holding:There was insufficient evidence that the defendant committed conspiracy, because...

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United States v. McDermott | Case Brief DeepDive
Majority opinion, author: OAKES, Senior Circuit Judge:
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James J. McDermott appeals his conviction for insider trading and conspiracy to commit insider trading. The court finds that there is insufficient evidence to support the conspiracy count and reverses it, but upholds the conviction for the substantive offenses. McDermott allegedly provided non-public information to an adult film star with whom he had an extramarital affair, who then passed it on to another person who earned profits. The government's case relied on circumstantial evidence, including telephone and trading records. McDermott was sentenced to eight months in prison, two years of supervised release, a $25,000 fine, and $600 in special assessments. The court found that McDermott was not liable for the trades made by Pomponio and that the evidence was sufficient to convict McDermott on the substantive offenses. However, the court agreed with McDermott that he was denied a fair trial due to a variance between the single conspiracy charged in the indictment and the proof adduced at trial.

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