United States v. Khalupsky
United States Court of Appeals for the Second Circuit
5 F.4th 279 (2021)
- Written by David Bloom, JD
Facts
Securities traders Vitaly Korchevsky (defendant) and Vladislav Khalupsky (defendant) conspired with computer hackers to obtain press releases about publicly traded companies before the press releases were published, using stolen login credentials of employees of companies authorized to access the press releases on the companies’ websites. Korchevsky and Khalupsky used the nonpublic information to make profitable trades for themselves. Korchevsky and Khalupsky were convicted of securities fraud and conspiracy to commit securities fraud. Korchevsky appealed the convictions, arguing that he owed no fiduciary duty to any investors. Korchevsky also argued that his conduct did not constitute a scheme to defraud under SEC Rule 10b-5 and did not involve the use of a deceptive device under § 10(b) of the Securities Exchange Act of 1934.
Rule of Law
Issue
Holding and Reasoning (Walker, J.)
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