Insider Trading Securities & Exchange Commission

News & Analysis as of

This Week In Securities Litigation

The Commission filed another group of settled actions under its initiative regarding municipal bond underwriters. This time a group of fourteen actions were filed. Each centered largely on claims that the underwriter failed...more

Securities Enforcement 2015 Year-End Review

The Securities and Exchange Commission (the SEC or the Commission) filed a record 807 enforcement actions in fiscal year 2015, 52 more than it filed in 2014. It also set a record by obtaining approximately $4.2 billion in...more

This Week In Securities Litigation

The Newman personal benefit test in insider trading tipping cases is front and center this week as the Supreme Court agreed to consider the issue. The Court passed on the opportunity to consider the question when first...more

SEC Wins Jury Verdict in Insider Trading Case

The SEC prevailed at trial, winning a jury verdict is an unusual insider trading case against a former Capital One Financial Corporation employee. SEC v. Huang, Civil Action No. 15-cv-269 (E.D. Pa. Filed Jan. 22, 2015)....more

This Week In Securities Litigation

The Commission resolved actions with SAC Capital founder Steven Cohen and the former Chairman of Dewey & Leboeuf in addition to filing settled actions against Goldman Sachs and State Street. The agency also filed another...more

SEC Brings Another Insider Trading Administrative Proceeding

The SEC filed another settled insider trading action, charging a corporate executive. The action is not remarkable and is straight forward. What makes it noteworthy, however, is that the case is the fourth insider trading...more

The SEC’s Cohen Settlement

Steven Cohen settled his long running case with the SEC. In the Matter of Steven A. Cohen, Adm. Proc. File No. 3-15382 (January 8, 2016). In the settlement Mr. Cohen consented to the entry of an order which precludes him from...more

Your daily dose of financial news The Brief – 1.11.16

Ready for another rollercoaster ride? Asian markets suggest it could be a long Monday on Wall Street – WSJ... The latest from the ongoing battle between the SEC and billionaire investor Steven A Cohen appears to be a...more

This Week In Securities Litigation

During the holiday period the SEC filed three insider trading cases as administrative proceeding. Three actions were brought involving major Wall Street banks; one centered on “parking” allegations involving Morgan Stanley...more

Another SEC Insider Trading Case As An Administrative Proceeding

The SEC began the year by filing a settled insider trading case. The action is largely unremarkable as insider trading cases go, although some might question if all the key elements of a claim are pleaded. The facts are...more

A Compilation of Enforcement and Non-Enforcement Actions

Non-Enforcement - Investment Management Division Director Address to Investment Company Institute - Division Director David Grim addressed the ICI on December 16, 2015. In his remarks, Grim noted 2015 was the 75th...more

SEC Tees Up Newman & Admin Forum Issues for 2016

The SEC granted two petitions for review last week that tee-up significant issues for full Commission consideration late next Spring. The Commission will consider the application of the Second Circuit’s Newman decision...more

Viewpoints - Issue 24 - A Dialogue with Andrew Ceresney

On October 7, 2015, members of the Lead Director Network (LDN) were joined by chief legal officer and general counsel (GC) guests in Washington, DC, for a discussion with Andrew Ceresney, director of the Division of...more

SEC Steps Up Investigations of Political Intelligence Firms for Insider Trading

In the last few years, Congress, the U.S. Securities and Exchange Commission (SEC), and the courts have significantly increased their efforts to grapple with insider trading in the realm of political intelligence. In 2012,...more

This Week In Securities Litigation

This was the period of admissions. The SEC secured admissions in three actions over the period with beginning the week of Thanksgiving and continuing into the beginning of December. Cases filed during the period include: A...more

Game of Phones: Employer-Issued Smartphones and Employee Fifth Amendment Protections

A recent court decision holding that employees can claim the Fifth Amendment and refuse to unlock password-protected smartphones, even though the phones were issued by their employer for company business, demonstrates the...more

SEC Demands Admissions For Compliance Failures

When the Commission adopted its policy of requiring admissions to settle certain enforcement actions no bright line test was created. Rather, an array of facts were to be assessed on an individual, case-by-case basis....more

Desktop Reference Guide: Summary of Section 16 Rules

This is a summary only. Due to the complexity of Section 16, please consult with us regarding the application of Section 16 to your particular circumstances. Please see full Reference Guide below for more information....more

This Week In Securities Litigation

The DOJ reiterated its Yates policy this week under which cooperation credit is conditioned on furnishing the Department with the identity of individuals involved in corporate wrongdoing. Officials also noted that part of...more

SEC Settles Insider Trading Case With Admissions

A critical question in insider trading cases currently being brought is whether there are sufficient facts to comply with the Newman personal benefit test – at least if the case is in the Second Circuit. While in many...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 Files Suspicious Trading Case

The SEC filed another “suspicious trading” insider trading action, naming as defendants two Chinese nationals. The action was brought just days after the second deal closed, permitting a freeze order to be entered over the...more

This Week In Securities Litigation (Week ending November 6, 2015)

Conflicts and investment fund fraud cases were the focus this week. The SEC brought two actions in each category. In addition, a settled insider trading action was filed....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

A Hollow Nickel, Hollywood And Texas Gulf Sulphur

If you’ve taken a course in securities law, you’ve undoubtedly heard of, and I hope have read, SEC v. Texas Gulf Sulphur Co., 401 F.2d 833 (2d Cir.), cert. denied, 394 U.S. 976 (1968). That case is famous for the Second...more

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