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United States v. Mulheren

938 F.2d 364 (1991)

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United States v. Mulheren

United States Court of Appeals for the Second Circuit

938 F.2d 364 (1991)

Facts

On the morning of October 17, 1985, John Mulheren (defendant) purchased 75,000 shares of Gulf & Western Industries, Inc. (G & W) on the open market. Mulheren made this purchase after several meetings with prominent investment advisers, as well as the chairman of G & W. These advisers sold their stock in G & W immediately after Mulheren’s purchase, as the purchase caused the stock price to rise. However, slow trading for the rest of the day led to a drop in the price of G & W stock, causing Mulheren to lose $64,406. Following this transaction, the United States (plaintiff) brought charges against Mulheren for allegedly conspiring with investment advisers and the chairman of G & W in manipulating G & W’s stock price, in violation of Rule 10b-5. The district court ruled against Mulheren. Mulheren then appealed to the Second Circuit Court of Appeals.

Rule of Law

Issue

Holding and Reasoning (McLaughlin, J.)

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