SEC V. TALBOT: THE "MISAPPROPRIATION-PLUS" THEORY.

The article discusses a court case wherein the U.S. Securities and Exchange Commission accused businessman Thomas Talbot of violating the Securities Exchange Act of 1934 by trading on material, nonpublic, information. The U.S. District Court for the Central District of California granted summary judgment in favor of the defendant. The Court of Appeals for the Ninth Circuit reversed and remanded the decision of the district court.