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Securities and Exchange Commission v. Yun

United States Court of Appeals for the Eleventh Circuit

327 F.3d 1263 (11th Cir. 2003)

Facts

Donna Yun (defendant) was the wife of an executive at Scholastic Corporation, David Yun. Mr. Yun attended a meeting in which he was told that Scholastic’s earnings would decrease in the first quarter of 1997. Mr. Yun provided this information to Ms. Yun, as he thought it was relevant to a post-nuptial agreement in which they were entering. Ms. Yun, a real estate broker, discussed this information with her attorney while she was in her office. At this time, her friend and coworker with whom she would share commissions on sales, Jerry Burch, entered her office to retrieve a file. Burch overheard Ms. Yun’s conversation with her attorney. Later that evening, Burch and Ms. Yun carpooled together to a real estate function. The following day, Burch purchased put options in Scholastic. After Scholastic announced it would have lower earnings in the first quarter, Burch made a 1,300 percent return on his investment. The Securities and Exchange Commission began to investigate Yun, and brought this action against her for violating § 10(b) of the Exchange Act. The district court ruled against Yun. She then appealed to the Eleventh Circuit Court of Appeals.

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