Insider Trading Conviction Upheld: U.S. District Judge...
From Times Staff and Wire Reports
Insider Trading Conviction Upheld: U.S. District Judge Stephen Wilson upheld an insider trader conviction against Brian J. Callahan, an Anaheim stockbroker, and William N. Jackson, a Torrance printer, ruling that the defendants engaged in securities fraud when they traded stocks based on information culled from advance copies of Business Week magazine. The men were convicted in May of conspiring to make profit by trading stocks based on information not yet available to the public. The men had challenged the conviction, contending that there were no securities violations because they did not obtain information directly from companies in which they invested.
