Weekly Brief: Rakoff Orders Gupta To Pay Goldman Sachs' Legal Fees
Rajaratnam Judge: Wiretaps in Insider Trading Cases are "Radical"
Trading repeatedly on inside information is likely to yield investigations by the SEC and the DOJ and charges by both even when steps are taken to carefully conceal your activity. That was the case for an insider trading ring...more
New York’s Attorney General Eric T. Schneiderman announced this week that he reached interim agreements with 18 Wall Street firms that they will not participate in surveys by elite investment firms that seek to get an...more
Christopher Clark is a partner at Latham & Watkins where he represents public companies, alternative investment entities such as hedge funds, and individuals in both criminal and civil investigations involving state and...more
Here are two things about insider trading law: First, it’s hard to know exactly what the parameters are. The United States doesn’t have a specific statute prohibiting it. It grows out of the general anti-fraud provisions...more
The insider trading trial of former SAC Capital employee Matthew Martoma continued this week. The SEC filed one new administrative proceeding this week as Washington, D.C. and much of the East coast was blanketed with snow...more
So I’m at my desk the other day, minding my own business, when I read on the Twitter, “Ex-SAC Trader Expelled from Harvard Law School” or some such. The article explained the 1999 expulsion of Mathew Martoma, who is...more
The insider trading trial of former SAC Capital official Matthew Martoma opened this week in Manhattan with jury selection. The SEC announced the resignation of George Canellos, Co-director of the Division of Enforcement....more
Parts I and II of this series looked back at select cases brought by the Commission during 2013. Part III considered the projected path of SEC Enforcement based on remarks by members of the Commission and new initiatives....more
The recent conviction of Michael Steinberg, a former senior trader at SAC, highlights the power of the government to obtain a conviction when armed with the ability to have a jury charged on a conscious avoidance theory of...more
1.1 What authorities can prosecute business crimes, and are there different enforcement authorities at the national and regional levels?
The Office of the Attorney General of Colombia, “AGO” (Fiscalía General de la...more
A federal court of appeals recently held out the possibility that insider trading prohibitions — at least under the classic theory — do not apply to mutual fund redemptions.
The U.S. Court of Appeals for the Seventh...more
July 2013 was a big month for the Securities and Exchange Commission (the "SEC") in its quest to increase enforcement in the municipal market. On July 19, 2013, the SEC charged the City of Miami, Florida ("Miami"), and its...more
Stanley Sporkin — former SEC Enforcement Director, CIA general counsel, and federal judge – likes to say that an SEC staff attorney ought to be just as happy closing an investigation as one is bringing a public enforcement...more
Led by a new team of co-directors, the Enforcement Division of the Securities and Exchange Commission (SEC) is poised to create new initiatives dedicated to efficiency, greater staff discretion and specialized areas of focus....more
As financial institutions and investors turn to social media to instantly share snippets of news and potential clues about market trends, the FBI and SEC are monitoring such postings for evidence of insider trading and...more
The U.S. Court of Appeals for the 3rd Circuit is currently considering a sentencing issue of great significance in cases in which a number of individuals work together to bring about a financial fraud. The question posed is...more
Each year at The SEC Speaks, the Commissioners and senior leadership of the Securities and Exchange Commission identify the agency’s priorities and initiatives for the coming year. Of course, one of the most anticipated...more
This issue of the Credit Crunch Digest focuses on a potential imminent regulatory settlement involving Royal Bank of Scotland’s role in alleged Libor manipulation; the profits obtained by Deutsche Bank for its investments in...more
This issue of Inside the Courts, Skadden's securities litigation newsletter, includes summaries and associated court opinions of selected noteworthy cases principally decided from July to November 2012. This edition addresses...more
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