The Supreme Court reiterated the expansive reach of mail and wire fraud in the 1987 case of Carpenter v. United States. It affirmed the mail fraud conviction of a Wall Street Journal reporter who used the paper's confidential information in an inside trading scheme. The reporter was held to have violated his fiduciary obligation to protect his employer's confidential information:
The duty of fidelity between the employer and employee that was at issue in this case is precisely the same type of common law fiduciary duty as that between physician and patient. Providing incentives to physicians to change the medical care offered their patients is a breach of fiduciary duty. The nature of the motive behind such incentives is judged from the patient's perspective, not the persons offering the incentives. For example, it is common for managed care plans to give physicians an incentive to reduce specialty referrals in an effort to control medical care costs. While this might seen be a laudatory action on the part of the managed care plan, the individual patient denied a referral will probably see it as an improper interference with the physician-patient relationship. Irrespective of the payer's motive, these incentives are legally indistinguishable from giving bribes to employees to violate their duty to their employers.Gregory v. U.S., 253 F2d 104, 109 (5th Cir 1958). Carpenter v. U.S., 484 US 19 (1987).
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