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SEC v. Moran (Moran I)

922 F. Supp. 867 (1996)

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SEC v. Moran (Moran I)

United States District Court for the Southern District of New York
922 F. Supp. 867 (1996)

KS

Facts

The Securities and Exchange Commission (SEC) (plaintiff) filed suit against Frederick Augustus Moran (Moran Sr.) and Frederick Winston Moran (Moran Jr.) (defendants), alleging that the Morans had engaged in insider trading in violation of the Securities Exchange Act of 1934 § 10(b). The SEC charged that Moran Jr., while employed by Salomon Brothers Inc., relayed material nonpublic information about a merger between Bell Atlantic Corporation and Telecommunications Incorporated (TCI) to Moran Sr., who in turn relied upon the insider information from his son to inform his purchase of cable stocks. The Morans denied the charges and sought a dismissal of the case, arguing that Moran Jr. had not shared material nonpublic information with his father. Additionally, the Morans explained that Moran Sr. had made investments based upon insider information provided by his son and that his significant investment in cable stocks was instead motivated by other factors, including the actions of John Malone, a cable-industry expert. After a bench trial, the court explained its decision.

Rule of Law

Issue

Holding and Reasoning (Newman, J.)

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Casebooks

Securities Regulation

Key Terms