Insider Trading Dept. of Justice

News & Analysis as of

Getting By With a Little Help From Friends: United States Supreme Court to Clarify Insider Trading Liability in Tipping Cases

On January 19, 2016, the United States Supreme Court granted certiorari in United States v. Salman, in which the Ninth Circuit Court of Appeals held that the government may prove a “personal benefit” to a tipper of inside...more

Insider Trading – An Update on Newman and Tippee Liability

You may recall that back in December 2014, the Second Circuit Court of Appeals, in United States v. Newman, et al., significantly limited the circumstances under which tippees of inside information may be held liable for...more

Deciphering the Regulators’ Statements: Fish & Richardson’s Outlook on Securities Regulation and Enforcement for Year-End 2015 and...

In a series of statements over the last several weeks, the Department of Justice and Securities and Exchange Commission have sought to clarify the government’s current securities regulation objectives and to provide an...more

SEC Freezes Hacker’s Assets

Federal oversight related to hacking recently made headlines when a federal court in New Jersey granted the Securities and Exchange Commission’s (SEC’s) motion to freeze assets connected to a hedge fund manager accused of...more

Corporate Investigations & White Collar Defense - October 2015

"Wherefore Art Thou Due Process?" Part III - Why it matters: It is time for another installment in our continuing "Wherefore Art Thou Due Process?" coverage into the ongoing constitutional challenges to the SEC's...more

Insider Trading Post-Newman: The Supreme Court Implicitly Raises the Bar

On October 5, 2015, the Supreme Court dealt the Department of Justice a rare defeat in its prosecution of insider trading cases by denying certiorari of the Second Circuit’s opinion inUnited States v. Newman. The DOJ, and in...more

U.S. Supreme Court Says There Will Be No New Newman

Last Monday, the United States Supreme Court denied cert in the highly publicized insider trading case of United States. v. Newman, 773 F.3d 438 (2d Cir. 2014). Without providing further commentary, the justices said they...more

Post-Newman Reality: Investigations Involving Unwitting “Tips” to Close Friends and Relatives Will Continue

Earlier this week, the United States Supreme Court declined to hear the federal government’s appeal of the ruling by the Court of Appeals for the Second Circuit in U.S. v. Newman. This leaves intact the Second Circuit’s quid...more

Unprecedented Hacking and Trading Scheme Highlights Key Cybersecurity Lessons

On Aug. 11, 2015, federal prosecutors in the District of New Jersey and the Eastern District of New York unsealed indictments against nine individuals in the U.S. and Ukraine who were allegedly involved in a five-year,...more

This Week In Securities Litigation

The Yates Memo, refocusing DOJ criminal and civil corporate investigations, continues to be the critical topic of discussion this week. The Memo, discussed here, directs that individuals be the focus of the inquiry from the...more

Corporate Investigations & White Collar Defense - September 2015

No Dog Days of August for the SEC—A Recap of a Busy Month - Why it matters: Who says there is a government slowdown in August? Not for the SEC. August 2015 turned out to be very busy indeed for the agency, which...more

Insider Trading Hack was Cinematic in Scope

The U.S. Department of Justice announced indictments in Brooklyn and New Jersey last month of 32 people for fraudulently obtaining inside information and then using that knowledge to make millions in the market, in the...more

DOJ and SEC Announce Parallel Action Against Former Investment Banking Analyst and Two Individuals for Alleged Involvement in...

On August 25, the DOJ unsealed an indictment charging three defendants each with (i) one count of conspiracy to commit securities and tender offer fraud; (ii) 13 counts of securities fraud; (iii) 13 counts of tender offer...more

SEC, DOJ Charge Investment Bank Analyst With Insider Trading

The SEC and the Department of Justice announced insider trading charges against a former investment banker and his long time friend centered on two deals. The SEC’s complaint also named a third person alleged to have been a...more

How Private Is Your Non-Public Information? Hackers And Traders Implicated In Criminal And Civil Suits In Hacking Securities Fraud...

According to a press release issued by the U.S. Attorney’s Office for the District of New Jersey, the U.S. Department of Justice (“DOJ”) unsealed two indictments on August 11, 2015 that bring charges against a network of...more

Supreme Court Called Upon to Review the Newman Case and Address Insider Trading Liability

The Supreme Court is very likely to enter into the fray over the Second Circuit’s controversial Newman decision concerning insider-trading liability. The government has filed a petition for certiorari, and the stakes are...more

Corporate Investigations & White Collar Defense - August 2015

Are the Circuits A-Splitting? The Ninth Circuit Declines to Follow the Second Circuit's Insider Trading Decision in U.S. v. Newman - Why it matters: On July 6, 2015, the Ninth Circuit in U.S. v. Salman declined to...more

2015 Mid-Year Securities Litigation and Enforcement Highlights

Welcome to the 2015 Mid-Year Report from the BakerHostetler Securities Litigation and Regulatory Enforcement Practice Team. The purpose is to provide a periodic survey, apart from our team Executive Alerts, on matters we...more

United States Supreme Court Poised to Address Standard for Insider Trading Following Second Circuit’s Decision in United States v....

Today, the Solicitor General filed a petition for a writ of certiorari in United States v. Newman, 773 F.3d 438 (2d Cir. 2014), asking the United States Supreme Court to address the standard for insider trading in a...more

United States Supreme Court Poised to Address Standard for Insider Trading Following Second Circuit’s Decision in United States...

On July 31, the Solicitor General filed a petition for a writ of certiorari in United States v. Newman, 773 F.3d 438 (2d Cir. 2014), asking the United States Supreme Court to address the standard for insider trading in a...more

DOJ Appeals Newman Insider-Trading Opinion

The Department of Justice appealed the Second Circuit’s Newman decision to the U.S. Supreme Court, after several extensions. United States v. Newman, No. 15-137 (U.S. filed July 30, 2015). Last December’s ruling narrowed the...more

SEC Has No Plans to Change the Way Administrative Judges Are Appointed (For Now)

The United States District Court for the Northern District of Georgia, Atlanta Division, entered a preliminary injunction preventing the SEC from conducting an administrative proceeding in an insider trading matter. In the...more

This Week In Securities Litigation

The question of forum selection by the SEC was a key issue this week. While to date suits challenging the SEC’s right to bring an action as an administrative proceeding rather than in federal court have had little success –...more

The Impact of Newman on SEC Enforcement: Part V

This is the fifth and concluding segment of a five part series discussing the impact of the Second Circuit’s ruling in Newman on SEC insider trading cases. Analysis - The impact of Newman on the SEC and the DOJ may...more

Business Litigation Report - April 2015

In This Issue: - Main Article: ..Insider Trading After United States v. Newman, the Second Circuit’s Landmark Decision Limiting Liability of Downstream Recipients of Insider Information - Noted With...more

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