An appeals court upheld Winans’ conviction.

On a 2-1 vote, the U.S. Court of Appeals upheld the conviction of R. Foster Winans, a former reporter for the Wall Street Journal, on stock fraud charges stemming from his leaking the contents of upcoming “Heard on the Street” columns to a pair of brokers in 1983 and 1984. Advance knowledge of the columns, which often inspire sharp changes in prices of the stocks covered, enabled the brokers to make almost $700,000 in profits. They kicked back $31,000 to Winans and his companion, David Carpenter. A federal judge sentenced Winans to 18 months in prison. The appeals ruling also upheld the convictions of Carpenter and Kenneth Felis, one of the brokers. Winans’s attorney, Don D. Buchwald, said he would appeal to the U.S. Supreme Court.