US v. Metro — criminal — reversal — Jordan

The Third Circuit today vacated a criminal sentence for insider trading due to insufficient factual findings in support of the district court’s decision to attribute others’ insider-trading gains to the defendant for sentencing purposes. The gist: ” When the scope of a defendant’s involvement in a conspiracy is contested, a district court cannot rely solely on a defendant’s guilty plea to the conspiracy charge, without additional fact-finding, to support attributing co-conspirators’ gains to a defendant.”

Joining Jordan were Hardiman and Scirica. Arguing counsel were Lawrence Lustberg of Gibbons for the defendant and Glenn Moramarco for the government.