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SEC, USAO Charge Tech Company Founder With Insider Trading

by Dorsey & Whitney LLP on

Most of the discussion about insider trading these days is dominated by debates about whether there is a personal benefit, a gift, the application of the Supreme Court’s opinion in Salman last term or the split opinion in...more

A Video Plus a Sinatra Song Attracted Investors for Fraudster

by Dorsey & Whitney LLP on

A Wall Street office; a youtube.com video; Frank Sinatra singing New York New York. These were the keys to building an apparently successful commodity trading business that attracted clients – at least for a while. ...more

Second Circuit Broadens 'Personal Benefits' Triggering Insider Trading Liability

by Miller Canfield on

As noted in our December 9, 2016, Client Alert, the Supreme Court in Salman v. U.S. ruled that the required “personal benefit” to the person disclosing inside information (the tipper) does not need to be “pecuniary” or...more

Trading in Opaque Markets: Fraud, Materiality and Compliance

by Dorsey & Whitney LLP on

This is the final segment of an occasional series regarding a group of criminal and civil securities fraud actions involving trading in opaque markets and the lessons that can be drawn the prosecutions. ...more

FCA announces plan to scrap LIBOR before 2022

by WilmerHale on

In the wake of multiple criminal and regulatory investigations into alleged manipulation of the London Interbank Offered Rate (“LIBOR”), Andrew Bailey, Chief Executive of the UK Financial Conduct Authority (“FCA”) has...more

Bridging the Week - August 2017 #4

Former Portfolio Manager’s Conviction for Insider Trading Upheld by Federal Appeals Court Despite Same Court’s Prior Contrary Reasoning: Last week, a three-judge panel of the federal appeals court in New York upheld the...more

Trading in Opaque Markets: Fraud, Materiality and Compliance

by Dorsey & Whitney LLP on

This is the third segment of an occasional series regarding a group of criminal and civil securities fraud actions involving trading in opaque markets and the lessons that can be drawn them. Litvak II - Before Shapiro...more

Second Circuit Reverses Itself on Insider Trading

by Bryan Cave on

Stock traders who thought they could trade freely on gifts of inside information so long as the givers were not their close friends should rethink their strategy. The U.S. Court of Appeals for the Second Circuit this week...more

Trading in Opaque Markets: Fraud, Materiality and Compliance

by Dorsey & Whitney LLP on

This is the second segment of an occasional series regarding a group of criminal and civil securities fraud actions involving trading in opaque markets and the lessons that can be drawn them; the first segment is...more

Day 16 of One Month to More Effective Continuous Improvement-Voluntary Monitoring

by Thomas Fox on

There are multiple areas in the Department of Justice’s Evaluation of Corporate Compliance Programs which intersect with the area of continuous improvement. In addition to Prong 9. Continuous Improvement, Periodic Testing and...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The SEC filed an insider trading case this week based on three separate trading chains that netted $5 million in trading profits, all back to a New York City bank official. The Manhattan U.S. Attorney’s Office filed a...more

Dentist, Claiming Tip Was a Rumor, Wins Insider Trading Case

by Dorsey & Whitney LLP on

A jury found Jessie Roberts, a Louisiana dentist who claimed what the government called an illegal tip was just a rumor, not guilty of insider trading. U.S. v. Roberts, No. 15-ct-00020 (M.D. La. Filed Feb19, 2015). The case...more

Government Dismisses All Charges In Benjamin Wey Securities Fraud Case After U.S. District Judge Suppresses All Evidence Obtained...

by Shearman & Sterling LLP on

On August 8, 2017, the Government moved to dismiss all charges against Benjamin Wey, the CEO of New York Global Group charged with securities fraud, wire fraud, conspiracy, and money laundering. United States District Court...more

Bridging the Week - August 2017 #2

Trader’s Spoofing Conviction and Sentence Upheld by Federal Appeals Court: Last week, a three-judge Federal Court of Appeals panel in Chicago unanimously upheld Michael Coscia’s criminal conviction and sentencing for...more

Seventh Circuit Upholds First Spoofing Conviction Against High-Frequency Trader

by Shearman & Sterling LLP on

On August 7, 2017, the Seventh Circuit upheld the conviction of Michael Coscia, founder of Panther Energy Trading LLC, for a market manipulation tactic known as “spoofing,” under Section 6c(a)(5)(C) and 13(a)(2) of the...more

Blockchain's Steady March to Legitimacy

by White & Case LLP on

Four separate events during the second half of July signal that virtual currency and blockchain are steadily becoming part of mainstream financial services. The interconnected histories of Bitcoin (the most common virtual...more

Seventh Circuit Upholds First-Ever “Spoofing” Conviction

On August 8, 2017, a three-judge panel of the US Court of Appeals for the Seventh Circuit unanimously upheld the first-ever criminal conviction of a New Jersey futures trader for the manipulative trading practice known as...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

Four criminal securities cases moved to or toward resolution over the past week. The jury in the Martin Shkreli trial returned a verdict of guilty on three counts and not guilty on five others at the end of last week....more

Everything Compliance-Episode 16, review of the book The Chickenshit Club

by Thomas Fox on

In this episode, the Everything Compliance trio of Matt Kelly, Jay Rosen and Tom Fox unpack our first book review. We consider the recently released The Chickenshit Club by Jesse Eisinger and it may mean for the compliance...more

Trading in Opaque Markets: Fraud, Materiality and Compliance

by Dorsey & Whitney LLP on

This is the first segment of an occasional series regarding a group of criminal and civil securities fraud actions involving trading in opaque markets and the lessons that can be drawn the prosecutions Introduction -...more

Between Bridges: Federal Appeals Court Upholds Conviction and Sentencing of First Person Criminally Charged for Spoofing Under...

Yesterday, Michael Coscia’s criminal conviction and sentencing for spoofing was unanimously upheld by a three-judge Federal Court of Appeals panel in Chicago, Illinois....more

Former Hedge Fund Manager Gets Split Jury Verdict

by Dorsey & Whitney LLP on

Former hedge fund manager and pharmaceutical executive Martin Shkreli was acquitted on five counts and convicted on three others under an indictment centered on conspiracy and securities fraud charges tied to three firms....more

Dorsey Anti-Corruption Digest - August 2017

by Dorsey & Whitney LLP on

The Department of Justice (DOJ) ended its probe of Net1 UEPS Technologies, according to SEC filings from the South African-based payment processing company. The company received a declination from the Securities and Exchange...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

In one of the few FCPA cases tried to verdict before a jury, NG Lap Seng, Chairman of Sun Kan lp Group was convicted. The case centered on bribing two UN ambassadors in connection with the Macau Conference Center project....more

DOJ And SEC File Parallel Criminal And Civil Insider Trading Charges Against Scientist Who Conducted Internet Searches On How To...

by Shearman & Sterling LLP on

On July 12, 2017, both the Department of Justice (“DOJ”) and Securities and Exchange Commission (”SEC”) filed insider trading charges against a research scientist who allegedly traded upon confidential information obtained...more

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