Securities Criminal Law

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Insider Trading After United States v. Newman, the Second Circuit’s Landmark Decision Limiting Liability of Downstream Recipients...

The Second Circuit recently dealt a major setback to federal prosecutors’ recent crackdown on insider trading, overturning two high-profile convictions and simultaneously placing the most significant new limits on insider...more

Proceeds of Crime Proceeding Against former Gunns Chairman Stalls Over Penalty Dispute

The hearing of the proceeds of crime proceeding against John Gay has been deferred following a decision by Eastcourt J in the Supreme Court of Tasmania on 20 April 2015 regarding the basis upon which any penalty ought to be...more

Bribery Settlements in 2014: A Record-Setting Year

Corporations facing bribery charges under the U.S. Foreign Corrupt Practices Act (“FCPA”) will pay significantly higher fines to resolve their cases, at least if recent settlements are a reliable guide. Last year, FCPA...more

This Week In Securities Litigation

The SEC announced its first whistleblower award in a retaliation case this week. The agency also brought an insider trading case, an action against an investment adviser, its general counsel and auditor based on a conflict, a...more

CIO Sentenced for Insider Trading

David Riley, formerly the Chief Information Officer of Foundry Networks, Inc. was sentenced to serve 60 months in prison and pay a $50,000 fine based on insider trading charges. He was found guilty by a jury following a 13...more

The DOJ Sends Strong Messages Regarding Corporate Cooperation in Criminal Matters

During prepared remarks in April 2015, Assistant Attorney General Leslie R. Caldwell discussed corporate cooperation in criminal FCPA investigations. AAG Caldwell emphasized that a company’s self-disclosure of issues to the...more

Lessons of the Deutsche Bank Story

Deutsche Bank, a German lender agreed to plead guilty and pay $2.5 billion to settle with regulators in the United States and the United Kingdom in connection with criminal charges that it rigged and manipulated the London...more

This Week In Securities Litigation

The Department of Justice unsealed criminal charges against a U.K. trader who is alleged to have contributed to the flash crash almost five years ago. The trader is alleged to have manipulated the market for certain...more

Between Bridges - April 2015

Navinder Singh Sarao, a London-based trader, was arrested at his home in the United Kingdom on April 21, 2015, and accused by both the US Commodity Futures Trading Commission and the US Department of Justice of engaging in...more

DOJ Charges A Futures Trader With Contributing To The Flash Crash

Almost five years ago the Dow Jones Industrial Average dropped about 600 points in five minutes, creating chaos in the markets and huge losses for many. The market debacle became known as the flash crash. The causes were...more

“Friends” Who Trade on Inside Information: How United States v. Newman Changes the Law

In unsuccessfully seeking rehearing in United States v. Newman, 773 F.3d 438 (2d Cir. 2014), reh’g denied, Nos. 13-1837, 13-1917 (2d Cir. Apr. 3, 2015), the government acknowledged that the Second Circuit’s recent decision in...more

Credit Crunch Digest - March 2015

This issue of the Credit Crunch Digest focuses on recent developments in criminal Libor manipulation actions; a significant victory for several large banks facing RMBS-related claims; the U.K. Serious Fraud Office’s probe of...more

SDNY Denies Motion to Dismiss SEC Insider Trading Complaint Despite Newman Holding

The US District Court for the Southern District of New York recently denied two defendants’ motion to dismiss a Securities and Exchange Commission complaint alleging that they committed insider trading, holding that the...more

Top Ten International Anti-Corruption Developments for March 2015

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important international anti-corruption developments in the past month with links to primary...more

Two Regulatory Crises

It strikes me that two civil regulators are facing dire attacks on aspects of their enforcement programs – both in different U.S. Courts of Appeals – at the same time. Both of these attacks arise out of generalized statutes...more

A Non-Insider Trading Case in the District of Massachusetts

Insider trading prosecutions can be difficult. Because of the haphazard and tortuous growth of insider trading law itself, the prosecutions involve proving lots of different pesky elements. Fiduciary duties, materiality,...more

Corporate & Financial Weekly Digest - Volume X, Issue 15

In this issue: - Update: Proposed Amendments to DGCL, Including Ban on Fee-Shifting and Permitting Exclusive Forum Provisions - CFTC and Australian Regulator Sign Memorandum of Understanding Regarding...more

DOJ Emphasizes Role of Criminal Prosecution in Addition to Regulatory Enforcement

The U.S. Department of Justice, through the Assistant Attorney General in charge of its Criminal Division, spoke forcefully on Tuesday regarding “the role of criminal law enforcement in prosecuting conduct that may also be...more

Back in a Flash: Sergey “Flash Boy” Aleynikov Returns to Court for New Trial

Sergey Aleynikov’s six-year odyssey through the U.S. judicial systems—both federal and state—continues.  Last week, Aleynikov stepped into a New York State courtroom to defend himself at trial against a pair of criminal...more

SEC Looks to Increase Focus on Enforcement of FCPA Accounting Provisions

Government enforcement of the Foreign Corrupt Practices Act (FCPA) typically involves both criminal charges pursued by the Department of Justice (DOJ), and civil charges from the Securities and Exchange Commission (SEC). Last...more

This Week In Securities Litigation

Microcap fraud, misappropriation by investment advisers and offering fraud cases were the focus of SEC enforcement this week. The Commission filed a microcap fraud action centered on blank check companies involving ten...more

FBI Establishes “Dedicated International Corruption Squads” to Bust FCPA Violators

The squads will extend the capabilities of the US Department of Justice and the US Securities and Exchange Commission to gather evidence and enforce the Foreign Corrupt Practices Act....more

Remote Tippees Beware: Even if the DOJ Can’t Reach You After Newman, The SEC Can

The fall-out from the Second Circuit’s decision in U.S. v. Newman continued last week in SEC v. Payton, when Southern District of New York Judge Jed S. Rakoff denied a motion to dismiss an SEC civil enforcement action against...more

Insider Trading: Does Payton Begin the Erosion of the Newman Tipping Test?

The Second Circuit’s decision in U.S. v. Newman, 773 F. 3d 438 (2nd Cir. 2014) regarding the personal benefit test in insider trading either radically altered the law or just reaffirmed the Supreme Court’s decision in Dirks...more

Newsletter: March 2015

In This Issue: - Main Article: .. Inter Partes Review and the ITC: The Benefits and Risks of Filing IPR on Patents Asserted in an ITC Investigation - Noted With Interest: .. Securities Act Claims...more

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