Streeter, a lead prosecutor in the Rajaratnam trial who is now a partner at Dechert, explained that the same logic applied to insider trading by pointing to compliance efforts instituted by hedge funds to combat insider trading.
The decision, explained Columbia Law School Professor John Coffee, who chaired theinsider trading conference that included key participants from recent insider trading trials such as prosecutor Reed Brodsky, defense attorney Gary Naftalis, and Judge Jed Rakoff from the Gupta trial, reflected a time where regulators had greater discretion and authority.
Paul Steven Singerman, the lawyer for Ruden McClosky, a bankrupt law firm that won court permission to keep some insider-pay details confidential, explainedthe practice.