Rajaratnam v. United States

(1) Whether, in order for a criminal securities fraud prosecution for trading on the basis of inside information to be consistent with our constitutional traditions and with Section 10(b) of the Securities Exchange Act of 1934, which makes it unlawful to "use" or "employ" any "manipulative or deceptive device" "in connection with the purchase or sale" of a security, the government must prove, at a minimum, that the inside information was a substantial factor in the defendant"s trading activities; and (2) whether wiretap evidence must be suppressed when the government omits and misstates information clearly critical to assessing the legality of a wiretap, instead of providing the "full and complete statement" required by Title III of the Omnibus Crime Control and Safe Streets Act of 1968.