Divided appeals court rejects 4 insider trading convictions

By LARRY NEUMEISTER
Associated Press

NEW YORK (AP) — A divided appeals court has tossed out the insider trading convictions of four men, prompting a sharp dissent from one judge who says the decision will let insiders sell confidential government information to the highest bidders. Tuesday’s decision by the 2nd U.S. Circuit Court of Appeals came in a case in which a Washington consultant was charged with converting government secrets into hedge fund profits. A jury had convicted consultant David Blaszczak and three others. Before becoming a consultant, Blaszczak worked at the Centers for Medicare & Medicaid Services, part of the U.S. Department of Health and Human Services.