N.Y. brokers lose SEC insider trading trial over IBM deal tip

ezgif.com-resize (2)A federal jury on Monday found two former New York stockbrokers liable for trading on confidential tips about an IBM Corp (IBM.N) acquisition, despite a major appeals court ruling that made insider trading cases harder to pursue.

In a victory for the U.S. Securities and Exchange Commission, a federal jury in Manhattan found former Euro Pacific Capital Inc brokers Daryl Payton and Benjamin Durant liable for engaging in insider trading.

The trial came after a 2014 appellate ruling limiting the scope of insider trading laws forced prosecutors to drop criminal charges against Payton, Durant and three others.

Source: Reuters

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