In United States v. Korchevsky, the Second Circuit (Walker, Parker, Carney) affirmed two defendants’ conspiracy and securities fraud convictions over defendants’ myriad claims of error, which included challenges to the...more
In United States v. Chow, the Second Circuit (Kearse, Carney, Bianco), affirmed the defendant’s 2018 conviction for insider trading (among other offenses). The case arose out of a failed 2016 merger spearheaded by Defendant...more
In an appeal arising in the aftermath of Raj Rajaratnam’s criminal conviction for insider trading, the Second Circuit (Lynch, Raggi, Droney) issued an opinion upholding an almost $93 million Securities and Exchange Commission...more
In a decision extolling jurors’ use of “common sense” to evaluate insider trading charges, the Second Circuit affirmed the conviction of Robert Schulman in United States v. Klein (Schulman), No. 17-3355. ...more
Earlier this week, we discussed the Second Circuit’s summary order in the insider trading appeal by Rajat Gupta. Gupta was convicted in S.D.N.Y. as part of the string of successful prosecutions brought during the tenure of...more
In a brief summary order issued yesterday, the Second Circuit denied Rajat Gupta’s collateral attack on his insider trading conviction in Gupta v. United States, Nos. 15-2707(L), 15-2712(C). ...more
In a short summary order issued on October 25, 2018, the Second Circuit (Newman, Lynch, Droney) affirmed the denial of a habeas petition in the case of Whitman v. United States. ...more
A divided Second Circuit panel (Katzmann, Pooler (dissenting), Chin) on Wednesday upheld the insider trading conviction of former SAC Capital portfolio manager Mathew Martoma. Confronting its precedent in United States v....more
3/12/2018
/ Confidential Information ,
Criminal Conspiracy ,
Criminal Prosecution ,
Hedge Funds ,
Insider Trading ,
Martoma ,
Personal Benefit ,
SAC Capital ,
Securities Fraud ,
Special Relationship ,
Tippees ,
US v Newman
In Ganek v. Leibowitz, No. 16-1463 (2d Cir. Oct. 17, 2017) (Raggi, Chin, Carney), the Second Circuit reversed and remanded a district court’s determination that federal law enforcement authorities were not entitled to...more
11/2/2017
/ Criminal Investigations ,
FBI ,
Fifth Amendment ,
Financial Markets ,
Fourth Amendment ,
Hedge Funds ,
Insider Information ,
Insider Trading ,
Investors ,
Material Misstatements ,
Motion to Dismiss ,
Non-Public Information ,
Qualified Immunity ,
Search Warrant ,
Securities Fraud
A divided Second Circuit panel (Katzmann, Pooler (dissenting), Chin) on Wednesday upheld the insider trading conviction of former SAC Capital portfolio manager Mathew Martoma. Confronting its precedent in United States v....more
8/28/2017
/ Breach of Duty ,
Dirks v SEC ,
Fiduciary Duty ,
Illegal Tipping ,
Insider Trading ,
Jury Instructions ,
Martoma ,
Personal Benefit ,
Pharmaceutical Industry ,
Securities Fraud ,
Special Relationship ,
US v Newman ,
US v Salman
In a highly anticipated decision, a divided Second Circuit panel (Katzmann, Pooler (dissenting), Chin) yesterday upheld the insider trading conviction of former SAC Capital portfolio manager Mathew Martoma, ruling that the...more
The Supreme Court’s decision in Salman v. United States, 137 S.Ct. 420 (2016) is already having an effect on the appeals arising out of the insider trading convictions in the Southern District of New York. Shortly after...more
The United States Supreme Court (Alito, J.) issued a unanimous decision today affirming the Ninth Circuit’s decision in Salman v. United States, an insider trading case concerning tippee liability. The Court held that the...more
Yesterday, the Supreme Court decided a major insider trading case, Salman v. United States, 15-628. In Salman, the Supreme Court reaffirmed its prior ruling in Dirks v. SEC and held that a jury could infer that a tipper...more
The United States Court of Appeals today reversed the convictions for insider trading of Todd Newman and Anthony Chiasson. The Court held that the government was required to prove, but did not, that the defendants knew that...more