Two men who were spared criminal insider trading charges under the Second Circuit’s 2014 ruling in United States v. Newman will face a civil enforcement action after a federal judge found a lower level of intent, recklessness, was enough to sustain charges by the Securities and Exchange Commission.
Daryl Payton and Benjamin Durant, accused of trading inside information on an IBM acquisition in 2009, had criminal charges against them dismissed in February because of the circuit’s ruling in Newman (NYLJ, Dec. 11, 2014; Jan. 26, 2015).
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