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U.S. v. LIBERA

Nos. 1641, 1642, Dockets 91-1741, 91-1750.

989 F.2d 596 (1993)

UNITED STATES of America, Appellee, v. Benjamin B. LIBERA and Francis R. Sablone, Jr., Defendants-Appellants.

United States Court of Appeals, Second Circuit.

Decided March 22, 1993.

Attorney(s) appearing for the Case

John C. McBride, Boston, MS (Francis T. O'Brien, Jr., McBride, Wheeler & Widegren, Boston, MS, of counsel), for defendant-appellant Benjamin B. Libera.

James A. Wade, Hartford, CT (Linda L. Morkan, Robinson & Cole, of counsel), for defendant-appellant Francis R. Sablone, Jr.

Joseph C. Hutchison, Asst. U.S. Atty., New Haven, CT (Albert S. Dabrowski, U.S. Atty. for the District of CT, of counsel), for appellee.

Before CARDAMONE, WINTER and MAHONEY, Circuit Judges.

WINTER, Circuit Judge:

Benjamin B. Libera and Francis R. Sablone, Jr. appeal from their convictions by a jury before Judge Dorsey. Both were found guilty of conspiracy and of securities fraud for insider trading. Sablone's appeal raises the question whether, in an insider trading prosecution, the tipper must have known that his breach of a fiduciary obligation would lead to the tippee's trading on the misappropriated information. We answer in the negative. Both appellants...

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