When does sharing information become insider trading?

10/20/2009 | NYTimes.com

Insider trading is difficult to prove, legal experts said in commenting on the arrest Friday of the co-founder of hedge fund Galleon Group. "There are some obvious insider trading cases where people obviously have a duty, they're obviously misappropriating information. In terms of money managers and other people, where the duty becomes a little less clear, the relationships become a little less clear, the motivations become a little less clear, it can become more and more challenging," said Leslie Caldwell, who led the task force that prosecuted the Enron cases and is now co-chief of the white-collar crime division at the law firm Morgan, Lewis & Bockius.

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