Well...he got the money from a by-product of a fringe benefit of the hack (Hack->useful information (insider info)->steal). Would a similar argument be applicable if he was able to siphon money from individuals' accounts had he gained some passwords (Hack ->useful information(passez) -> steal). I wouldn't think so.
Agreed, that he was not an insider so he can't be convicted for insider trading...but there should have been at least one more lawsuit going against him!