Welcome to the exciting conclusion to the United States v. Newman mini-series.  

Today we discuss Newman's doomed personal benefit test.  It would eventually be undone by Salman v. United States, but it's still helpful to understand what a personal benefit is supposed to be in tipping cases. 

Part 1 - The Insider Trading Cartoon Series Vol. I — Classical Theory 

Part 2 - Insider Trading Cartoon Series, Vol. II — Temporary Insiders

Part 3 - The Insider Trading Cartoon Series, Vol. III — Very Temporary Insiders

Part 4 - Insider Trading Cartoon Series, Vol. IV — Rank-and-File Employees [VIDEO]

Part 5 - Insider Trading Cartoon Series, Vol. V — Misappropriation Theory [VIDEO]

Part 6 - Insider Trading Cartoon Series, Vol. VI — Misappropriation (Part Deux) [VIDEO]

Part 7 - Insider Trading Cartoon Series, Vol. VII — Misappropriation Theory (Part the Third)

Part 8 - Negligence Based Charges - The Insider Trading Cartoon Series, Vol. VIII [VIDEO]

Part 9 - Tender Offers - The Insider Trading Cartoon Series, Vol. IX [VIDEO]

Part 10 - Tipping (Pre-Newman): Insider Trading Cartoon Series, Vol. X

Part 11 - Multi-Level Tipping: Insider Trading Cartoon Series, Vol. XI [VIDEO]

Part 12 - Innocent Intermediary: Insider Trading Cartoon Series, Vol. XII [VIDEO]