US SEC’s Reliance on Misappropriation Theory Dramatically Expanded Scope of Liabilities on Insider Trading

The U.S. Securities and Exchange Commission’s growing reliance on the misappropriation theory has dramatically expanded the scope of who can face liability. Increasingly, the theory is no longer confined to Wall Street bankers or CEOs. It is reaching consultants, political insiders, family members, journalists, and even lawyers themselves. The misappropriation theory emerged as a powerful

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