Feds Argue Wire Fraud Needs No Insider Trading Tweaks

Law360 (June 6, 2019, 4:49 PM EDT) -- Prosecutors urged the Second Circuit on Wednesday to uphold convictions for insider trading on information from the Centers for Medicare & Medicaid Services, saying it was fine to allege the scheme was a wire fraud without adding requirements from other insider trading cases.

In a 155-page brief, prosecutors defended the convictions of former CMS worker Christopher Worrall, CMS worker-turned-consultant David Blaszczak and former Deerfield Management Co. LP analysts Theodore Huber and Robert Olan. The group was charged with a scheme in which Worrall gave unreleased information about CMS reimbursement rates to Blaszczak, who passed it on as a consultant to traders...

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