Brief for the New York Council of Defense Lawyers and the National Association of Criminal Defense Lawyers as Amici Curiae in Support of Defendant-Appellant's Petition for Rehearing En Banc.
Argument: The panel’s ruling is inconsistent with Newman, Dirks and Salman, and undermines the vitality of the "personal benefit" requirement. Constitutional principles counsel against the panel's expansive extension of insider trading law.
Brief of the National Association of Criminal Defense Lawyers and the New York Council of Defense Lawyers as Amici Curiae in Support of Petitioner.
Argument: The decision below improperly extends the crime of insider trading to conduct never criminalized by Congress. The rule of lenity provides additional reasons to reject the rule adopted below. The decision below exemplifies a broader pattern of over-criminalization through expansive interpretation of federal criminal laws.