Reporter’s Conviction Upheld
A divided federal appeals court today upheld the conviction of former Wall Street Journal reporter R. Foster Winans for illegally trading in securities based on his advance knowledge of stories the newspaper would publish.
A 2-1 majority of the U.S. 2nd Circuit Court of Appeals said Winans, his roommate David Carpenter--also an ex-Journal employee--and former stockbroker Kenneth P. Felis violated the laws that ban insider trading by taking advantage of Winans’ position for their private gain.
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