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Securities Fraud Insider Trading

Equifax Data Breach: Preliminary Lessons for the Adoption and Implementation of Insider Trading Policies | News & Resources

by Dorsey & Whitney LLP on

Insider trading allegations have surfaced at Equifax, a credit rating agency that last week announced a data breach that could potentially affect 143 million consumers in the United States, nearly half of the country’s...more

A New and Important Development in Insider Trading Law

by Seyfarth Shaw LLP on

In a case likely to have ongoing ramifications, the Second Circuit recently upheld the conviction of Matthew Martoma, a former portfolio manager for Stephen Cohen’s SAC Capital. In so doing, the court clarified, at least for...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

In the period beginning the week before the Labor Day holiday and the week following it, the Commission brought a series of actions which included three insider trading actions. One involved an attorney who used information...more

“It’s Complicated:” The Evolving Case Law on How Relationships Impact Insider Trading Liability

Last Wednesday, former SAC Capital Advisors manager Mathew Martoma lost a bid to overturn his 2014 insider trading conviction in the Second Circuit. United States v. Martoma, No. 14-3599, 2017 WL 3611518 (2d Cir. Aug. 23,...more

Second Circuit Martoma Ruling, Affirming Tippee’s Conviction, Backtracks on Newman, and Adds Yet More Uncertainty to Ever-Evolving...

by Carlton Fields on

Last week's dueling Second Circuit opinions in United States v. Martoma – Chief Judge Katzman’s 37-page majority opinion and Judge Pooler vigorous 44-page dissent – once again transformed insider trading law. In the aftermath...more

Newman’s “Meaningfully Close Personal Relationship” Requirement No Longer Good Law

A divided Second Circuit panel (Katzmann, Pooler (dissenting), Chin) on Wednesday upheld the insider trading conviction of former SAC Capital portfolio manager Mathew Martoma. Confronting its precedent in United States v....more

U.S. v. Martoma: The Second Circuit Reconsiders the Personal Benefit Rule in Insider Trading Cases and Announces the Partial...

• A divided 2nd Circuit holds that there is no requirement for a “meaningfully close personal relationship” between a tipper and tippee in order for the tipper to reap a personal benefit from the disclosure sufficient to give...more

Martoma: Second Circuit Abrogates Newman, Broadens Dirks

by Burr & Forman on

A Second Circuit Panel held that the Supreme Court’s Salman decision abrogated the Circuit’s Newman requirement of a “close personal relationship” under the “gift theory” of insider-trading; the dissent claims the Panel...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The 2d Circuit has upheld by a 2-1 margin the insider-trading conviction of former SAC Capital Advisors portfolio manager Mathew Martoma. Martoma’s counsel had challenged the propriety of the jury instructions in light of the...more

Second Circuit Holds That Tipper/Tippee Liability Can Arise from a Gift of Inside Information Even Without a Close Personal...

The Second Circuit ruled today that a “meaningfully close personal relationship” is not required for insider-trading liability where a tipper discloses inside information as a gift or in exchange for some other type of...more

Divided Second Circuit Panel Upholds Martoma Conviction, Ruling that Newman’s “Meaningfully Close Personal Relationship”...

In a highly anticipated decision, a divided Second Circuit panel (Katzmann, Pooler (dissenting), Chin) yesterday upheld the insider trading conviction of former SAC Capital portfolio manager Mathew Martoma, ruling that the...more

Dentist, Claiming Tip Was a Rumor, Wins Insider Trading Case

by Dorsey & Whitney LLP on

A jury found Jessie Roberts, a Louisiana dentist who claimed what the government called an illegal tip was just a rumor, not guilty of insider trading. U.S. v. Roberts, No. 15-ct-00020 (M.D. La. Filed Feb19, 2015). The case...more

Trading in Opaque Markets: Fraud, Materiality and Compliance

by Dorsey & Whitney LLP on

This is the first segment of an occasional series regarding a group of criminal and civil securities fraud actions involving trading in opaque markets and the lessons that can be drawn the prosecutions Introduction -...more

Split Commission Can't Reverse Insider-Trading Dismissal

by Burr & Forman on

Trader Joseph Ruggieri finally prevailed last week, when SEC Commissioners Stein and Piwowar split on whether Enforcement proved his four trades (in 2010-2011) were made on inside information....more

SEC Continues to Use Advance Data Analytics to Investigate Insider Trading

The SEC has continued to pursue a number of insider trading cases this year, both large-scale and small. Some of those matters involved trades that yielded relatively small amounts of profits: $40,000-$60,000. Why does the...more

MMT finds against SFC in insider dealing case

by Hogan Lovells on

In another decision against the SFC, the Market Misconduct Tribunal ("MMT") has found Mr Cheng Chak Ngok ("Mr Cheng"), former executive director, chief financial officer and company secretary of ENN Energy Holdings Limited,...more

The SEC, Insider Trading and Prosecutorial Obligations

by Dorsey & Whitney LLP on

Proving a close personal relationship between a corporate insider and a trader can be key to establishing illegal tipping. The relationship can support a claim by the SEC or the DOJ that the inside information was transmitted...more

Gambler Walters Loses in DOJ Insider Trading Trial

by Dorsey & Whitney LLP on

William “Billy” Walters rolled the dice against the Manhattan U.S. Attorney’s Office and lost in a high profile insider trading case. U.S. v. Davis, No. 1:16-cr-00338 (S.D.N.Y. Verdict April 7, 2017). Mr. Walters, a well...more

The Call for a Statutory Insider Trading Law

Judge Jed S. Rakoff (S.D.N.Y.) recently made headlines after urging lawyers to draft and advocate for a more straightforward insider trading statute to replace judicially-created insider trading law. During his keynote speech...more

2016 Year In Review: Securities Litigation And Regulation

2016 was an active year in securities litigation. In the first half of 2016 alone, plaintiffs filed 119 new federal class action securities cases. It was also a busy year for SEC enforcement proceedings, with a record 868...more

Three Chinese Citizens Charged with Hacking New York Law Firms

Preet Bharara, the U.S. Attorney for the Southern District of New York announced that three Chinese citizens have been charged for attempting to hack into seven law firms that were involved in mergers and acquisitions, in...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission brought actions this week centered on the failure to properly conduct audits, an offering fraud and for acting as an unregistered broker. FINRA sanctioned eight firms for failing to adequately supervise the...more

SEC and DOJ Charge Board Member with Trading on Inside Information . . . During a Board Meeting

On Friday, the SEC filed a complaint against James C. Cope, a former member of the Executive Committee of Pinnacle Financial Partners’ (“PFP”) board of directors, alleging that he engaged in insider trading. The same day,...more

Inside the Courts: An Update From Skadden Securities Litigators - September 2016 / Volume 8 / Issue 3

We are pleased to present Inside the Courts (Volume 8, Issue 3), Skadden’s securities litigation newsletter. This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

As the government fiscal year draws to an end, the Commission filed a series of enforcement actions. Those included two insider trading cases, an action alleging violations of the whistleblower provisions, another against a...more

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