Ars Technica reports that a Federal court in Pennsylvania ruled Wednesday that the Fifth Amendment protects from compelled disclosure the passwords that two insider-trading suspects used on their mobile phones. In this case, the SEC is investigating two former Capital One data analysts who allegedly used insider information associated with their jobs to trade stocks—in this case, a $150,000 investment allegedly turned into $2.8 million. Regulators suspect the mobile devices are holding evidence of insider trading and demanded that the two turn over their passcodes. However, the court ruled, "Since the passcodes to Defendants' work-issued smartphones are not corporate records, the act of producing their personal passcodes is testimonial in nature and Defendants properly invoke their fifth Amendment privilege."
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