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The rebuff is a blow to U.S. Attorney Preet Bharara, the New York prosecutor who had racked up more than 80 insider- trading convictions during a six-year attack on crooked fund managers, corporate insiders and consultants.

A three-judge panel of the appeals court said Newman and Chiasson were too far away from the original leak of insider information and may not have realized the information, which came from corporate insiders at Dell and Nvidia, was obtained improperly and not through legitimate...