{"argument_date":"2016-10-05T00:00:00Z","arguments":[{"argument_date":"2016-10-05T00:00:00Z","heading":"What happened at the argument","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2016","official_transcript_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","paragraphs":["Ms. Shapiro argued for narrow statutory construction to avoid vagueness.","Justice Kennedy suggested the tippee acts as an accomplice in this scenario.","Justice Breyer questioned the relevance of standard disclosure forms for relatives."],"reargument":false,"sequence":1,"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 23, lines 42-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 23, lines 42-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-50","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 3, lines 20-50"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 52-12","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 3, lines 52-12"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 8-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 3, lines 8-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 16-22","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 4, lines 16-22"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 38-46","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 4, lines 38-46"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 24-36","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 5, lines 24-36"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 52-26","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 5, lines 52-26"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 22-22","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 7, lines 22-22"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 28-46","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 7, lines 28-46"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 20-20","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 8, lines 20-20"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 28-30","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 8, lines 28-30"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 34-24","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 8, lines 34-24"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 6-16","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 8, lines 6-16"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 38-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 9, lines 38-28"}]}],"caption":"Salman v. United States","case_history":[{"changed_at":"2026-08-29T20:06:22.108270Z","explanation":"An official oral-argument transcript was verified.","status":"argued"}],"case_status":"argued","dek":"The dispute centers on whether sharing trading profits with a relative constitutes a personal benefit under securities fraud statutes.","dek_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 23, lines 42-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 23, lines 42-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-50","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 3, lines 20-50"}],"dispositions":[],"latest_court_document_date":"2016-10-05T00:00:00Z","maturity":"official_transcript","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2016","official_disposition_urls":[],"official_docket_url":"https://www.supremecourt.gov/docket/docketfiles/html/public/15-628.html","primary_docket":"15-628","revisions":[{"correction_note":"Rewritten to the concise citizen-facing editorial standard.","created_at":"2026-08-30T18:55:55.240681Z","maturity":"official_transcript","revision_number":1},{"correction_note":"Migrated to the dated official Court activity contract without model use.","created_at":"2026-09-05T03:22:24Z","maturity":"official_transcript","revision_number":2}],"schema_version":"1.1","sections":[{"heading":"What this case is about","paragraphs":["The case tests the scope of federal securities fraud laws regarding insider trading gifts."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 23, lines 42-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 23, lines 42-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-50","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 3, lines 20-50"}]},{"heading":"How the case got here","paragraphs":["The Supreme Court heard oral argument in this case on October 5, 2016."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 8-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 3, lines 8-18"}]},{"heading":"What each side wants","paragraphs":["the side that brought the case seeks a reversal of the conviction.","The government seeks to affirm the conviction."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 23, lines 42-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 23, lines 42-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-50","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 3, lines 20-50"}]},{"heading":"What each side says","paragraphs":["the side that brought the case argues the statute requires a direct personal benefit.","The government argues a gift of profits satisfies the benefit requirement."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 23, lines 42-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 23, lines 42-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-50","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 3, lines 20-50"}]},{"heading":"What the justices asked","paragraphs":["Justice Kagan asked about specific language in prior precedent.","Justice Ginsburg asked about the difference between trading and gifting proceeds."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 52-12","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 3, lines 52-12"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 16-22","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 4, lines 16-22"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 38-46","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 4, lines 38-46"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 24-36","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 5, lines 24-36"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 52-26","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 5, lines 52-26"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 22-22","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 7, lines 22-22"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 28-46","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 7, lines 28-46"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 20-20","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 8, lines 20-20"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 28-30","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 8, lines 28-30"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 34-24","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 8, lines 34-24"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 6-16","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 8, lines 6-16"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 38-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 9, lines 38-28"}]},{"heading":"Why it matters","paragraphs":["The outcome defines the criminal liability for sharing insider trading profits with relatives."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 23, lines 42-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 23, lines 42-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-50","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 3, lines 20-50"}]},{"heading":"What happens next","paragraphs":["This article currently covers the argument record. Use the official docket link for later case activity."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 52-12","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 3, lines 52-12"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 8-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 3, lines 8-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 16-22","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 4, lines 16-22"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 38-46","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 4, lines 38-46"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 24-36","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 5, lines 24-36"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 52-26","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 5, lines 52-26"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 22-22","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 7, lines 22-22"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 28-46","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 7, lines 28-46"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 20-20","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 8, lines 20-20"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 28-30","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 8, lines 28-30"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 34-24","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 8, lines 34-24"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 6-16","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 8, lines 6-16"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 38-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 9, lines 38-28"}]}],"slug":"2016-15-628-salman-v-united-states","term":"2016","title":"Does gifting insider trading profits violate federal law?","title_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 23, lines 42-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 23, lines 42-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-50","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/15-628_p86a.pdf","page_label":"file page 3, lines 20-50"}],"topics":[],"undated_disposition_date_fallback":null,"updated_at":"2026-09-05T03:22:24Z"}