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Here's What the Supreme Court Insider Trading Ruling Means for Hedge Funds

December 6, 2016, Fortune

Arlo Devlin-Brown is quoted in a Fortune article regarding the significance of the Supreme Court’s decision to uphold the insider trading conviction of Bassam Salman. “The government was concerned because [the Newman decision] would have left large holes in the insider trading law,” says Devlin-Brown. “Salman largely fixes that.” 

Devlin-Brown adds, however, that the decision does not clearly define what the Supreme Court considers a “friend.” “One question is what if it’s just a distant relation like a third cousin or some sort—I think that’s somewhat of an open question,” he says. “Does a friend include someone who is your Facebook friend whom you’ve met maybe never?”

 

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