This winter has seen insider-trading trending – and not just because President Trump pardoned Michael Milken. In sequence, several legislative proposals have been working their way through Congress, the Second Circuit...more
2/28/2020
/ Criminal Prosecution ,
Enforcement Actions ,
Federal Agency Taskforce ,
Illegal Tipping ,
Insider Trading ,
Material Nonpublic Information ,
Misappropriation ,
Personal Benefit ,
Securities Fraud ,
Securities Regulation ,
Wire Fraud
A Second Circuit Panel held that the Supreme Court’s Salman decision abrogated the Circuit’s Newman requirement of a “close personal relationship” under the “gift theory” of insider-trading; the dissent claims the Panel...more
8/25/2017
/ Breach of Duty ,
Dirks v SEC ,
Fiduciary Duty ,
Illegal Tipping ,
Insider Trading ,
Jury Instructions ,
Martoma ,
Personal Benefit ,
Securities Fraud ,
Special Relationship ,
US v Newman ,
US v Salman
Trader Joseph Ruggieri finally prevailed last week, when SEC Commissioners Stein and Piwowar split on whether Enforcement proved his four trades (in 2010-2011) were made on inside information....more
A unanimous Supreme Court reaffirmed the “gifting” theory of insider trading under Dirks and rejected Newman “to the extent” it required more.
The Court’s long-standing rule in Dirks v. SEC, 463 U.S. 646, 664 (1983)...more
12/7/2016
/ Confidential Information ,
Dirks v SEC ,
Financial Markets ,
Illegal Tipping ,
Insider Trading ,
Non-Public Information ,
Personal Benefit ,
SCOTUS ,
Securities Violations ,
Tippees ,
Tippers ,
US v Newman ,
US v Salman
The US Second Circuit this Wednesday narrowed the scope of “tippee” liability for insider trading, rejecting the “doctrinal novelty” of recent government prosecution theories. In United State v. Newman, Nos. 13-1837-cr c/w...more