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Business Associations Keyed to Hwang, 3rd Ed.
United States v. Newman
Citation:
773 F.3d 438 (2014)Facts
The Government alleged that analysts at various hedge funds obtained material nonpublic information from employees at Dell and NVIDIA regarding quarterly earnings before public announcements. Specifically, Rob Ray from Dell’s investor relations department tipped information to analyst Sandy Goyal, who passed it to Diamondback analyst Jesse Tortora, who relayed it to Newman and other analysts including Level Global analyst Sam Adondakis, who then passed it to Chiasson. Similarly, Chris Choi from NVIDIA’s finance unit tipped information to Hyung Lim, who passed it to analyst Danny Kuo, who circulated it to Tortora and Adondakis, who gave it to Newman and Chiasson. The defendants traded on this information, earning approximately four million and sixty-eight million dollars respectively in profits for their funds, despite being several levels removed from the corporate insiders and having no evidence they were aware of the sources or any benefits those sources received.
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