The decision in this case strikes me as not only right but almost uncontroversial. After the oral argument, everyone thought that the appellate panel would reverse Newman and Chiasson's convictions. There really was essentially no evidence that they knew they were trading on inside information. This case was at the very outer limit of the recent series of insider trading prosecutions, and that limit turned out to be too far.
On the other hand, while this case was decided correctly, the opinion is strikingly broad.
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