Newman and Chiasson were among a group of financial analysts who received, directly and indirectly, information from corporate insiders. With information about Dell, they traded that company’s stock, making over $4 million. They were found by a jury to have engaged in insider trading of information about Dell based on the following chain of events. Rob Ray of Dell’s investor relations department tipped information regarding Dell’s consolidated earnings numbers to Sandy Goyal, an analyst at Neuberger Berman. Goyal in turn gave the information to Diamondback analyst Jesse Tortora. Tortora in turn relayed the information to his manager Newman as well as to other analysts including Level Global analyst Spyridon “Sam” Adondakis. Adondakis then passed along the Dell information to Chiasson, making Newman and Chiasson three and four levels removed from the inside tipper, respectively. Newsman and Chiasson appealed their convictions, arguing that they could not be guilty of insider trading because there was no evidence that the corporate insiders provided information for a personal benefit. How do you think the court ruled on the appeal?

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