why the Third Circuit Court of Appeals found that there was sufficient evidence to uphold the Defendant’s conviction for securities fraud/insider trading

Explanation:

The law of insider trading has been called everything from a "theoretical mess" to "astonishingly dysfunctional," with calls for change from Congress and the Securities and Exchange Commission to clarify the scope of the prohibition. But is the law really so bad? The elements are now well established, despite gray areas around the edges like other white collar crimes. Congress and the general public have embraced insider trading as something clearly wrongful. If the law needs to be changed, the most likely push would be to expand it by adopting the possession theory of liability used in Rule 14e-3 for tender offers and the European Union that makes trading on almost any confidential information subject to prosecution.