Insider Trading

News & Analysis as of

Insider Trading Conviction in First Insider Trading Case in Nearly Two Decades Affirmed by Supreme Court

On December 6, 2016, after nearly twenty years of silence on insider trading, the U.S. Supreme Court unanimously affirmed the Ninth Circuit in holding that prosecutors need not show that a tipster received a pecuniary or...more

Supreme Court Decision in Salman

Yesterday, the Supreme Court confirmed a more expansive application of criminal insider trading violations when it unanimously affirmed the Ninth Circuit Court of Appeals decision in Salman v. United States. In doing so, the...more

Supreme Court Gives Government Victory on Significant Insider Trading Case

The Supreme Court in Salman v. United States yesterday issued its most significant ruling in an insider trading case in more than two decades. In a unanimous, brief opinion written by Justice Alito, the Supreme Court affirmed...more

Your Daily Dose of Financial News

Here’s an interesting take on the future of the labor market (especially for an emerging generation that is better with a screen than eye contact)—because robots and AI will be able to take over anything that’s routine,...more

Blog: Adhering to Dirks, SCOTUS decides Salman v. US

by Cydney Posner In a case decided unanimously yesterday, Salman v. United States, SCOTUS upheld the Ninth Circuit affirmation of Bassam Salman’s conviction for insider trading, “adher[ing] to Dirks, which easily resolves the...more

SEC Charges IT Specialist With Hacking His Firm To Insider Trade

The critical questions about insider trading currently being debated focus on the elements of tipping. Those elements are being considered by the Supreme Court in U.S. v. Salman. ...more

This Week In Securities Litigation

The focus this week was offering fraud actions. Three cases were brought. One involved a registered transfer agent. A second centered on claims that the defendant was an expert trader. The third was based on false claims...more

Your Daily Dose of Financial News

Even as auto lending continues at near break-neck pace, regulators are expressing concerns about the rise (again) of subprime delinquencies from borrowers. The trend, at a time when the US economy is doing relatively well,...more

New York Court Upholds Insider-Trading Verdict

U.S. District Judge Jed Rakoff denied motions for judgment as a matter of law or for a new trial after a jury found the defendants civilly liable for insider trading. The decision in SEC v. Payton (S.D.N.Y. Nov. 29, 2016)...more

Securities and Exchange Commission Enforcement Trends

At a recent Practicing Law Institute panel, several of the regulators, including the Director of the Division of Enforcement at the Securities and Exchange Commission (SEC), spoke about the general priorities and trends in...more

This Week In Securities Litigation

SEC Chair Mary Jo White announced that she will step down when the new administration takes over. That will leave the Commission with two sitting Commissioners unless there are confirmation hearings during the lame duck...more

2016 Proskauer Annual Review and Outlook for Hedge Funds, Private Equity Funds and Other Private Funds

This special report provides a summary of some of the significant changes and developments that occurred in the past year in the private equity and hedge funds space, as well as certain recommended practices that investment...more

Former Investment Portfolio Manager Admits Insider Dealing

The Financial Conduct Authority announced that Mark Alexander Lyttleton had pleaded guilty to two counts of insider dealing at Southwark Crown Court. The FCA charged Mr. Lyttleton with three counts of insider dealing pursuant...more

SEC Prevails In Insider Trading Jury Trial

The Commission prevailed at trial against a corporate insider charged with tipping his friend prior to the announcement of favorable regulatory action on an application to market a drug. The friend not only traded but...more

This Week In Securities Litigation

In a week that began with a focus on the election and ended with the commemoration of veterans day, the SEC brought a series of actions including: one that centered on the sale of unregistered securities in the form of binary...more

FCA fines and makes restriction order against investor for market abuse

In this decision report we review the FCA's final notice issued to Gavin Duncan Paul Breeze on 15 July 2016. Mr Breeze was an investor in, and a former non-executive director (NED) of, a mobile payment software...more

This Week In Securities Litigation

The Commission brought actions this week centered on the failure to properly conduct audits, an offering fraud and for acting as an unregistered broker. FINRA sanctioned eight firms for failing to adequately supervise the...more

Corporate Investigations and White Collar Defense - October 2016

Supreme Court: What Constitutes an Insider Trading “Personal Benefit” - Why it matters: On October 5, 2016, the Supreme Court heard oral argument in Salman v. United States, where the central issue was what the...more

Bridging the Week - October 2016 #4

Non-Member Tipper and Tippee Fined by CME Group for Insider-Trading Type Offenses; Two Member Firms Fined for Algo System Gone Wild - Two apparently related non-members of the Chicago Mercantile Exchange agreed to be...more

This Week In Securities Litigation

The Commission, along with the DOJ, filed a settled FCPA action against aircraft manufacturer Embraer. The action centered on bribes paid in multiple countries to facilitate the sale of aircraft....more

SEC and DOJ Charge Board Member with Trading on Inside Information . . . During a Board Meeting

On Friday, the SEC filed a complaint against James C. Cope, a former member of the Executive Committee of Pinnacle Financial Partners’ (“PFP”) board of directors, alleging that he engaged in insider trading. The same day,...more

SEC’s Latest Insider Trading Action: A Question of Materiality

Earlier this month the Supreme Court head argument in Salman, perhaps the most significant insider trading case to be considered by the High Court in decades. The issue there centers on what constitutes a personal benefit...more

Your Daily Dose of Financial News

Federal regulators unveiled a proposal yesterday that would push the country’s biggest banks and other “critical financial companies” to shore up cybersecurity protocols, to prevent hacks, and to have a recovery plan at the...more

Supreme Court Reviews Insider Trading

On Wednesday, October 5, 2016, the U.S. Supreme Court heard oral argument in the highly anticipated insider trading case, Salman v. U.S., in which it is anticipated the Court will address conflicting decisions of the Second...more

Governance & Securities Law Focus: Europe Edition, October 2016

In this newsletter, we provide a snapshot of the principal European, US and selected international governance and securities law developments of interest to European corporates. Please see full Newsletter below for more...more

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