Given that New York is essentially the financial center of the country, many professionals work in the financial services industry in some fashion. This may include actively trading stocks or negotiating other financial deals. When working in this arena, there can be a fine line between savvy business acumen and what some may deem as illegal activity. In at least two cases against defendants for federal white collar crimes, the Second Circuit court has made a relatively surprising ruling that may indicate it feels this line is not always properly identified.
As explained by The New York Times, there is a common practice followed when a person has been convicted of a white collar crime and chooses to pursue an appeal to that decision. This practice is that the defendant is retained in custody during the appeal process.
However, on two occasions defendants have been allowed to post bail and remain free from jail during their appeals processes. The first case involves a man who was convicted of wire fraud just a few months ago. He has recently been let out of jail while the defense prepares its appeal. The second case involves a man who was convicted of insider trading two years ago.
While there are no guarantees that either defendant’s appeal will result in a favorable outcome for them, the choice to allow these defendants to post bail to some may indicate that the court may possibly be more open to the fact that what some think is illegal may actually be just smart business.