News & Analysis as of

Convictions Insider Trading

Patterson Belknap Webb & Tyler LLP

Insider Trading Conviction Affirmed for Corporate Outsider

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

A&O Shearman

A closer look: United Kingdom - FCA secures confiscation orders in Operation Tabernula

A&O Shearman on

The UK’s Financial Conduct Authority (FCA) has secured confiscation orders totalling GBP1.69m as part of Operation Tabernula – the FCA’s longest-running and most complex insider trading case. ...more

Sheppard Mullin Richter & Hampton LLP

Hello, Newman. A Second Circuit Panel Revives U.S. v. Newman’s Personal Benefit Test, Maybe.

On June 25, 2018, the Second Circuit Court of Appeals issued a revised opinion in United States v. Martoma, No. 14-3599, Dkt No. 226. (2d Cir. Jun. 25, 2018) (“Martoma”). While the outcome for Matthew Martoma does not...more

Brownstein Hyatt Farber Schreck

Supreme Court Opens Pathway To Increased Insider Trading Prosecutions

On Dec. 6, 2016, the U.S. Supreme Court issued its much-awaited decision in Salman v. United States, upholding a “friends and family” insider-trading conviction and effectively overruling the Second Circuit’s decision in...more

Proskauer - Corporate Defense and Disputes

First Circuit Affirms Another Insider-Trading Conviction

On July 26, 2016, the U.S. Court of Appeals for the First Circuit affirmed another conviction in a pair of appeals arising from insider-trading prosecutions. The decision in United States v. McPhail confirms that, under...more

WilmerHale

The Inside Scoop: What does Tabernula tell us about the future of criminal insider dealing enforcement in the UK?

WilmerHale on

The high-profile insider trading prosecution dubbed “Operation Tabernula”, brought by the Financial Conduct Authority (“FCA”), has this month secured two further convictions. After a 12-week trial, Martyn Dodgson and Andrew...more

A&O Shearman

FCA Obtains Two Criminal Convictions in High-Profile Insider Dealing Trial

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The jury in the so-called ‘Tabernula’ (“Little Tavern”) case has on Monday delivered its verdict after a 12-week trial. Two of the five defendants have been convicted, whilst the other three have been acquitted of all...more

Dorsey & Whitney LLP

The Second Circuit Defines Tippee Liability and The Personal Benefit Test

Dorsey & Whitney LLP on

Todd Newman and Anthony Chiassons, remote tippees, three to four steps removed from the source of the inside information about pending earnings announcements for Dell, Inc. and NVIDIA, were convicted of insider trading. In...more

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