Salman v. US

(United States Supreme Court) – In a case involving the tipper and tippee liability provisions of Section 10(b) of the Securities Exchange Act of 1934 and the Securities and Exchange Commission’s Rule 10b-5, defendant’s conviction of federal securities-fraud crimes for trading on inside information he received from a friend and relative-by-marriage, is affirmed where: 1) the Ninth Circuit properly applied Dirks v. SEC, 463 U.S. 646, to affirm defendant’s conviction; and 2) under Dirks, the jury could infer that the tipper here personally benefited from making a gift of confidential information to a trading relative.