For the Defense - Volume 2, Issue 2 - 2017 - 33

Issues Salman Leaves Unresolved
Salman failed to provide clarity about how the
personal benefit test applies when there is no tangible exchange and the relationship between the
tipper and tippee is more attenuated. Although
these issues exist mainly at the margins of insider
trading cases, they are sure to be litigated in future
prosecutions and are already beginning to surface.
a. How close is close?
In Salman, the Supreme Court held that Dirks'
gift-giving language was dispositive because

Maher (the insider) had tipped "a close relative,
his brother," rendering proof of a pecuniary
benefit unnecessary.27
In cases involving other family relationships, however, the government and defendants are likely to spar over whether Salman
applies to all relatives or only those who are
"close," like Maher and Michael. Defendants
recently received support from the First
Circuit, which held that Salman "does not
foreclose" arguments about the closeness of
the tipper and tippee.28 The Court reasoned
Vol. 2, Issue 2 | For The Defense

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Table of Contents for the Digital Edition of For the Defense - Volume 2, Issue 2 - 2017

For the Defense - Volume 2, Issue 2 - 2017 - 1
For the Defense - Volume 2, Issue 2 - 2017 - 2
For the Defense - Volume 2, Issue 2 - 2017 - 3
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