United States v. Kluger, No. 12-270; Third Circuit; opinion by Greenberg, U.S.C.J.; filed July 9, 2013. Before Judges Jordan, Greenberg and Nygaard. On appeal from the District of New Jersey, No. 2-11-00858-001. [Sat below: Judge Hayden.] DDS No. 14-8-xxxx [48 pp.]
The government charged Matthew Kluger, Garrett Bauer and Kenneth Robinson as conspirators in an insider-trading scheme that spanned 17 years. Kluger, an attorney, was the sole source of the insider information, which he passed to Robinson, who passed it to Bauer, a professional stock trader, who executed the trades. Robinson instructed Bauer on how many shares to purchase for him and Kluger but Bauer actually traded shares far in excess of the agreed-on number. Neither Robinson nor Bauer told Kluger of the extent of Bauer's trading.
