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Criminal Prosecution Tippees

Proskauer - Corporate Defense and Disputes

Insider Trading for Dummies: Judge Rakoff Tries to Simplify the Law

A lot of ink has been spilled over the crime of insider trading, which – in the view of U.S. District Judge Jed Rakoff – “is a straightforward concept that some courts have managed to complicate.” In his recent decision in...more

Proskauer Rose LLP

Second Circuit Again Holds That Tipper/Tippee Liability Can Arise from a Gift of Inside Information Even Without a Close Personal...

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The Second Circuit confirmed this week that a "meaningfully close personal relationship" is not required for insider-trading liability where a tipper discloses inside information as a gift with the intent to benefit the...more

Patterson Belknap Webb & Tyler LLP

Newman’s “Meaningfully Close Personal Relationship” Requirement No Longer Good Law

A divided Second Circuit panel (Katzmann, Pooler (dissenting), Chin) on Wednesday upheld the insider trading conviction of former SAC Capital portfolio manager Mathew Martoma. Confronting its precedent in United States v....more

BakerHostetler

2017 Year-End Securities Litigation and Enforcement Highlights

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Welcome to the 2017 Year-End Report from the BakerHostetler Securities Litigation and Regulatory Enforcement Practice Team. The purpose of this report is to provide a periodic survey of matters we believe to be of interest...more

BakerHostetler

Second Circuit Majority in U.S. v. Martoma Eliminates Proof of Financial or Other Personal Benefits to Tipper for Conviction

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On Aug. 23, 2017, the United States Court of Appeals for the Second Circuit issued a split decision in United States v. Martoma, upholding a portfolio manager’s insider trading conviction and finding that a tippee need not...more

Patterson Belknap Webb & Tyler LLP

How “Close” is Close Enough? Parties Submit Supplemental Briefing in Martoma in Light of Salman

The Supreme Court’s decision in Salman v. United States, 137 S.Ct. 420 (2016) is already having an effect on the appeals arising out of the insider trading convictions in the Southern District of New York. Shortly after...more

K&L Gates LLP

Insider Trading Law After Salman v. United States

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In Salman v. United States, decided on December 6, 2016, the Supreme Court upheld a conviction for criminal violations of insider trading laws. The Court, however, declined to adopt the expansive theories of insider trading...more

Baker Donelson

Salman v. U.S.: More Questions than Answers?

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The United States Supreme Court recently rendered a decision in Salman1 resolving a circuit split over whether the government prosecuting an insider trading case must show that the person giving an insider tip received...more

Lowndes

7 Things You Should Consider To Avoid Criminal Prosecution

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In its first insider trading ruling in almost 20 years, the U.S. Supreme Court upheld a ruling by the 9th Circuit Court of Appeals that a person can be held criminally liable for passing inside information to a friend or...more

Seyfarth Shaw LLP

Securities and Corporate Governance Litigation Quarterly

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Welcome to the fourth issue of Securities and Corporate Governance Litigation Quarterly, Seyfarth’s quarterly publication of the Securities & Financial Litigation Group focusing on decisions or other items of interest for...more

Dorsey & Whitney LLP

The Impact of Newman on SEC Enforcement: Part II

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This is the second segment of a five part series discussing the impact of the Second Circuit’s ruling in Newman on SEC insider trading cases. The Immediate Impact of Newman - The most immediate impact of Newman is...more

Dorsey & Whitney LLP

The Impact of Newman on SEC Enforcement: Part I

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This is the first segment of a five part series discussing the impact of the Second Circuit’s ruling in Newman on SEC insider trading cases. Introduction - In seeking rehearing and an en banc hearing before the...more

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