United States v. Knueppel
United States District Court for the Eastern District of New York
293 F. Supp. 2d 199 (2003)
- Written by Sharon Feldman, JD
Facts
Knueppel and Sonday (defendants) worked together at a financial magazine. Misfeldt and Tyrer (defendants) were friends who invested in stocks together. Knueppel or Sonday provided Misfeldt and Tyrer with information about the magazine’s contents before the magazine was publicly circulated. Misfeldt and Tyrer then placed trades based on how they thought the public distribution of the magazine would affect the value of certain stocks. Knueppel, Sonday, Tyrer, and Misfeldt were charged with, and pleaded guilty to, conspiracy to violate Securities and Exchange Commission (SEC) Rule 10b-5 based on the misappropriation theory of insider trading. Knueppel, Sonday, and Tyrer made a motion to avoid the imposition of a prison sentence under the no-knowledge proviso of 15 U.S.C. § 78ff(a). The United States (plaintiff) opposed the motion.
Rule of Law
Issue
Holding and Reasoning (Gershon, J.)
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