Supreme Court Weighs If Friendly Tips Worth Millions Constitute Insider Trading

WASHINGTON ― Does giving a gift worth a lot of money make you a better person?

In a case that has Wall Street on alert, the Supreme Court on Wednesday tried to find a workable rule for prosecutors to go after inside traders — those who trade on confidential corporate information and make a fortune off it.

If the justices’ exchanges from the bench are any indication, the court may be willing to make it easier to prosecute this type of white collar-crime, which has gotten harder after a recent shakeup at its epicenter: New York.

A major 2014 ruling there rewrote the rules for prosecuting insider trading, holding that tipsters disclosing money-making information must receive some “personal benefit” from divulging it before the person who uses that information can be convicted.

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