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
An SEC administrative law judge (“ALJ”) found that former Wells Fargo trader Joseph Ruggieri traded on material nonpublic information tipped him by former analyst Greg Bolan, but dismissed the insider-trading charges against...more
9/16/2015
/ Administrative Law Judge (ALJ) ,
Appointments Clause ,
Banking Sector ,
Banks ,
Due Process ,
Enforcement Actions ,
Fiduciary Duty ,
Financial Institutions ,
Financial Markets ,
Insider Trading ,
Material Nonpublic Information ,
Personal Benefit ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Seventh Amendment ,
Tippees ,
Wells Fargo
The Department of Justice appealed the Second Circuit’s Newman decision to the U.S. Supreme Court, after several extensions. United States v. Newman, No. 15-137 (U.S. filed July 30, 2015). Last December’s ruling narrowed the...more