Corporations Keyed to Hamilton
Chiarella v. United States
Facts
Petitioner worked for a financial printing company, Pandick Press, as a markup man. Petitioner handled documents announcing corporate takeover bids. The names of the acquiring and takeover corporations were disguised, but Petitioner was able to deduce the companies by other information on the documents. Petitioner purchased stock in the target companies and sold the shares immediately after the takeover attempts were announced to the public, making $30,000 in profit over a 14 month period. In May 1977, Petitioner entered into a consent decree with the Securities Exchange Commission (SEC) to return his profits to the sellers of the shares. In January 1978, he was indicted and later convicted on 17 counts of violating Section: 10b and SEC Rule 10b-5. The Court of Appeals for the Second Circuit affirmed his conviction. The United States Supreme Court granted certiorari. The issues involving Rule 10b-5(b) were dismissed.
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