In SEC v. Contorinis, 2014 U.S. App. LEXIS 2927 (2d Cir. Feb. 18, 2014), the United States Court of Appeals for the Second Circuit upheld the authority of the Securities and Exchange Commission ("SEC") to obtain "disgorgement" from a money manager profits earned by another party from trades based on material nonpublic information known to the money manager, even though the manager did not receive any of those profits. Citing the intangible benefits received by the manager and the underlying misuse of inside information, the appellate panel's decision upheld a broad view of insider trading liability in civil enforcement actions brought by the SEC. In October 2010, Joseph Contorinis was convicted of trading on inside information about the acquisition of supermarket chain Albertson's Inc. In a subsequent civil action, the SEC alleged that the former Jefferies Group portfolio manager used that inside information to generate a profit for the Jefferies Paragon Fund (the "Fund').