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2014 Mid-Year Report Securities Litigation and Regulatory Enforcement

Welcome to the 2014 Mid-Year Report from the BakerHostetler Securities Litigation and Regulatory Enforcement Practice Team. Its purpose is to provide a periodic survey, apart from our team Executive Alerts, on matters we...more

New York Jury Acquits Former Hedge Fund Manager of Insider Trading Conspiracy

In the first case of approximately 81 insider cases that the S.D.N.Y. has successfully brought alleging insider trading, a New York federal jury acquitted Rengan Rajaratnam (Rengan), a former hedge fund manager, of conspiracy...more

Corporate and Financial Weekly Digest - Volume IX, Issue 27

In this issue: - SEC Publishes Guidance for Investment Advisers and Proxy Advisory Firms Regarding Proxy Voting and Solicitation - SEC Division of Corporation Finance Issues C&DIs Relating to Accredited Investor...more

Expect greater SEC scrutiny of activist hedge funds that share information or collaborate in advance of their trades

A recent Wall Street Journal article – “Activist Investors Often Leak Their Plans to a Favored Few” – focused attention on “activist” investors and stock analysts who (as part of their bullish or bearish campaigns for or...more

This Week In Securities Litigation (Week ending February 7, 2014)

Matthew Martoma was convicted of insider trading by a Manhattan jury. That jury found him guilty of one count of conspiracy and two counts of securities fraud. The convictions continues the unbroken string of victories in...more

2014 Trends: #4 Insider Trading and the Return of Organizational Culpability

Our coverage of the Top 10 Ethics and Compliance Trends to Watch in 2014 continues today as we tackle the issue of insider trading and its relationship with ethics and compliance. ...more

SEC Collects Record $3.4 Billion in 2013 Enforcement Actions

The Securities and Exchange Commission (SEC) announced that it levied a record $3.4 billion in sanctions in its fiscal year 2013 ending September 30, 2013. This is an increase of 10% from the previous year, augmented by a...more

Financial Services Quarterly Report - Fourth Quarter 2013: Political Intelligence Firms – Insider Trading and Enforcement Shifts...

Insider trading remains a top priority for the Securities and Exchange Commission (SEC) and Department of Justice (DoJ). In fiscal year 2012, the SEC filed 58 enforcement actions against 131 individuals and entities and the...more

Insider Trading Fells SAC

First JPMorgan Chase agrees to accept fault for manipulating the market, then SAC Capital Advisors makes financial history the wrong way — by accepting a record $1 billion fine and agreeing to admit to insider trading...more

Hedge Funds Plead Guilty to Insider Trading with Historic Penalty and Five-Year Probation

A major plea agreement in the Southern District of New York, which imposed the largest insider trading penalty in history, indicates federal prosecutors aim to follow through on long-standing promises of cracking down on...more

SAC Insider Trading Case May Hit Closer to Home than You Think

This week’s announcement that SAC Capital Advisors will pay a record-breaking penalty of $1.8 billion (USD) for insider trading violations may not have been a surprise to anyone following the case - after all, the hedge...more

How To Trap a Tiger – Regulators’ Nets Tighten Around Tiger Asia on Both Sides of the Pacific

Government securities enforcement agencies in Hong Kong and the United States have been pursuing Tiger Asia Management and its affiliates for four years with claims of insider trading and market manipulation on the Hong Kong...more

Second Circuit Reaffirms Continued Use of the "Knowing Possession" Causation Standard in Rajaratnam Insider Trading Case

In United States v. Rajaratnam, No. 11-4416-CR, 2013 U.S. App. LEXIS 12885 (2d Cir. June 24, 2013), the United States Court of Appeals for the Second Circuit upheld the conviction of Raj Rajaratnam ("Rajaratnam") for insider...more

Rajaratnam Appeal: Is Snowden Right That Big Brother Is Listening?

On Monday, the Second Circuit Court of Appeals in Manhattan affirmed the 2011 insider trading conviction of Raj Rajaratnam, founder of the Galleon Group hedge funds....more

Tiger Asia Case – Hong Kong Regulators Take Insider Dealing Enforcement to New York Fund

The Securities and Futures Commission (the SFC), Hong Kong’s principal securities regulator, won a significant victory this past April in a long-running, high-profile case against New York hedge fund Tiger Asia Management LLC...more

Insider Trading Cases Continue to Mount Against Hedge Funds

Insider trading is increasingly becoming a top compliance concern for hedge fund managers and their firms. In total, the SEC brought 58 insider trading actions in FY 2012 against 131 individuals and entities. According to the...more

Insider Trading Cases Continue to Mount Against Hedge Funds

Insider trading is increasingly becoming a top compliance concern for hedge fund managers and their firms. In total, the SEC brought 58 insider trading actions in FY 2012 against 131 individuals and entities. According to the...more

A Compilation of Enforcement and Non-Enforcement Actions - January 31, 2013

In This Issue: Non-Enforcement Matters - FINRA Announces Regulatory and Examination Priorities for 2013 - SEC Previous Hedge Fund Enforcement Trends for 2013 Enforcement Matters - Another...more

Will Rakoff Opinion Impact Decision on Steven Cohen?

A recent opinion of U.S. District Judge Jed Rakoff considering remote tippee liability may be influencing some government charging decisions. Judge Rakoff's November 14, 2012 opinion addressed what prosecutors must show about...more

A Compilation of Enforcement and Non-Enforcement Actions - November 30, 2012

In This Issue: Non-Enforcement Matters - SEC Approves New FINRA Rule on Private Placement Offerings - Private Fund Advisers Come Into Compliance With Dodd-Frank Requirements Enforcement Matters - ...more

The Government's War Against Financial Industry Crimes Continues with a Record-Breaking Insider Trading Case, But It's Still Too...

The Department of Justice and Securities Exchange Commission loudly have trumpeted victories achieved in their renewed battle against insider trading and Wall Street malfeasance, repeatedly warning that there are more cases...more

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