News & Analysis as of September 21, 2024

Securities Exchange Act › Illegal Tipping

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The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +

The Justice Insiders Podcast: Meet the Securities and Exchange (and Human Resources) Commission

The Second Circuit's Blaszczak Decision Fails to Resolve One Issue, Raises New Ones

WilmerHale on 1/27/2023

On December 27, 2022—nearly 18 months after hearing oral arguments—the Second Circuit issued its new opinion in United States v. Blaszczak, an important insider trading case involving the misappropriation of confidential...more

Nutter Securities Enforcement Update: August 1, 2022

Nutter McClennen & Fish LLP on 8/9/2022

The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges. ...more

SEC and DOJ Bring Parallel Crypto Insider Trading Cases; SEC Alleges Nine Coinbase-Listed Tokens Are Securities

BakerHostetler on 7/25/2022

Significant parallel actions commenced this week by the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) bring crypto fraud enforcement into the spotlight, with the SEC alleging that multiple...more

Insider Trading Case to Watch: The Second Circuit to Revisit Blaszczak

WilmerHale on 2/18/2021

This spring, the Second Circuit will revisit its highly consequential insider trading decision in United States v. Blaszczak. The case is one to watch, as it has the potential to impact how the government approaches...more

Prosecutors Not Required to Prove Tipper Received “Personal Benefit” to be Convicted Under Criminal Insider Trading Statute

Polsinelli on 1/9/2020

On December 30, 2019 the Second Circuit issued its opinion in United States v. Blaszczak, finding that the government can criminally prosecute insider trading under 18 U.S.C. 1348 without proving personal benefit to the...more

Second Circuit Holds that a “Personal Benefit” Is Not Required for Insider Trading Under Criminal Securities Statute

Proskauer - Corporate Defense and Disputes on 1/2/2020

The Second Circuit held earlier this week that the criminal statute proscribing securities fraud permits convictions for insider trading without proof that the provider of material, nonpublic information received a personal...more

Insider Trading Prohibition Act Passed by the House of Representatives

WilmerHale on 12/13/2019

Last week, a large, bipartisan majority of the US House of Representatives passed a bill that would explicitly codify a ban on insider trading, with 410 votes in favor of the bill and 13 against (12 Republicans and one...more

Insider Trading Law Alert: Better The Devil You Know? Tipping Liability, Martoma and the Rise of 18 U.S.C. § 1348

WilmerHale on 5/15/2019

Insider trading has frequently been splashed across headlines in recent months, with a congressman, an NFL player, a comedy writer, and a Silicon Valley executive all facing charges. In the background of these headlines are...more

Newman: Respondent’s Opposition to Supreme Court Review

Dorsey & Whitney LLP on 8/31/2015

The battle lines are now clearly drawn over Newman and what constitutes impermissible tipping in violation of Exchange Act Section 10(b). Previously, the Government filed a petition for certiorari arguing that Newman, which...more

This Week In Securities Litigation

Dorsey & Whitney LLP on 7/10/2015

The Ninth Circuit upheld a conviction for illegal tipping, following Dirks but raising doubt regarding its adherence to Newman in an opinion authored by Judge Rakoff, sitting by designation. The Commission filed settled...more

SEC Files Settled Insider Trading Case As Administrative Proceeding

Dorsey & Whitney LLP on 6/16/2015

One question in the wake of the Second Circuit’s decision in Newman regarding the personal benefit test for illegal tipping has been how the SEC would respond to a decision the U.S. Attorney told the Court would significantly...more

SEC, USAO File Parallel Insider Trading Charges

Dorsey & Whitney LLP on 6/11/2015

The SEC brought an insider trading case against a senior corporate official and a chain of tippes that starts with his brother-in-law broker who then tipped his friend, another broker. Others, not named as defendants, were...more

The Impact of Newman on SEC Enforcement: Part IV

Dorsey & Whitney LLP on 6/3/2015

This is the fourth segment of a five part series discussing the impact of the Second Circuit’s ruling in Newman on SEC insider trading cases. Post Newman SEC Actions (continued) - 2. Administrative proceedings -...more

The Impact of Newman on SEC Enforcement: Part III

Dorsey & Whitney LLP on 6/2/2015

This is the third segment of a five part series discussing the impact of the Second Circuit’s ruling in Newman on SEC insider trading cases. Post Newman SEC Actions - In the wake of Newman the SEC has three...more

Second Circuit Clarifies a Heightened Standard for Insider Trading Convictions

Katten Muchin Rosenman LLP on 12/17/2014

The US Court of Appeals for the Second Circuit recently held that, in order to convict a tippee for insider trading under Section 10(b) of the Securities Act of 1934 and Rule 10b-5, the government must prove beyond a...more

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Securities Exchange Act › Illegal Tipping

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