Securities Fraud Insider Trading

News & Analysis as of

Pro-Golfer Phil Mickelson Pays $1M to SEC to Settle Civil Insider Trading Claims, But Escapes Criminal Charges in Light of Newman

On Thursday, May 19, 2016, the U.S. Attorney’s Office for the Southern District of New York announced the arrest of renowned sports bettor William “Billy” T. Walters on an alleged years-long insider trading scheme conducted...more

Government’s Decision Not to Charge Phil Mickelson Illustrates Difficulties in Proving Insider Trading Cases Against Tippees

On May 19, 2016, the United States Attorney’s Office for the Southern District of New York and the Securities and Exchange Commission (“SEC”) announced insider trading charges against Las Vegas sports bettor William (“Billy”)...more

Your daily dose of financial news The Brief – 5.20.16

Manhattan USA Preet Bharara’s back in front of the cameras and back on the insider-trading horse with the announcement yesterday of criminal charges against well-known sports bettor Billy Walters and former investment banker...more

Weighted Scales of Justice in SEC Administrative Proceedings?

Since the 2010 passage of the Dodd-Frank Act, the U.S. Securities and Exchange Commission (“SEC”) has been the subject of growing criticism regarding its increased use of administrative proceedings. By enacting Dodd-Frank,...more

This Week In Securities Litigation

The Commission prevailed at trial this week, securing a favorable verdict after a two week jury trial. The action centered on false statements made by an executive regarding regulatory approvals for the only drug of the...more

Hong Kong Market Misconduct: SFC Extends Enforcement Power to Insider Dealing in Overseas Listed Securities – Part 2

Section 300 of the Securities and Futures Ordinance (the “SFO”) prohibits the use of fraudulent or deceptive schemes or engagement in any practice which is fraudulent or deceptive “in a transaction involving securities,...more

2015 Year-End Cross-Border Government Investigations and Regulatory Enforcement Review

Globalization has connected people, companies, and products across national borders more than ever. Goods and services developed in one part of the world are readily available in other parts of the world and technology is...more

A Compilation of Enforcement and Non-Enforcement Actions

Non-Enforcement - The EB-5 Immigrant Investor Program has Provided a Breeding Ground for Securities Fraud - Back in 1990, Congress created the United States Citizenship and Immigration Services (USCIS) EB-5...more

Corporate Investigations & White Collar Defense - February 2016

Eye on the Courts—Recent Opinions and Rulings of Note - Why it matters: From a white collar and securities fraud standpoint, there has been a lot of noteworthy activity in the courts of late. The Supreme Court granted...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

Your daily dose of financial news The Brief – 1.20.16

Oil spilled all over global markets again today, halting another short-lived stretch of stability – WSJ... Just months after refusing to take up the contentious Newman appeal that regulators and traders alike hoped would...more

5 Securities Litigation Issues to Watch in 2016

The coming year promises to be a pivotal one in the world of securities and corporate governance litigation. In particular, there are five developing issues we are watching that have the greatest potential to significantly...more

The CFTC Turns to Insider Trading Enforcement

The U.S. Commodities Futures Trading Commission (CFTC) recently brought, and settled on consent, its first-ever insider trading case. The Commission used its new authority under the Dodd-Frank Act and the Commission’s new...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

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

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

This Week In Securities Litigation

The SEC’s apparent preference for administrative proceedings as a venue for its enforcement actions continues to draw criticism. H.R. 3798 is now pending in the House of Representatives. The bill is tilted the “Due Process...more

SEC – Broker From Grand Central Insider Trading Scheme Settle

The scheme was perfect. Broker Vladimir Eydelman of Oppenheimer & Co. would place the trades; law school graduate Steven Metro, a clerk at Simpson Thatcher, would misappropriate the inside information; mortgage broker Frank...more

This Week In Securities Litigation

The SEC prevailed on two summary judgment motions. One centered on a manipulation action. The other was against an attorney who facilitated a prime bank fraud. The Commission also filed: An action against UBS tied to its...more

Landmark insider trading ruling may temper government's actions, but holders of confidential, non-public information should still...

On October 5, 2015, the Supreme Court declined to hear the federal government’s appeal in U.S. v. Newman, 773 F.3d 438 (2nd Cir. 2014), an insider trading case in which the US Court of Appeals for the Second Circuit reversed...more

Inside the Courts: An Update From Skadden Securities Litigators - September 2015 / Volume 7 / Issue 3

This issue of Inside the Courts, Skadden’s securities litigation newsletter, includes summaries and associated court opinions of selected cases principally decided between May 2015 and August 2015. The cases address...more

September 2015: White Collar Litigation Update

Recent Developments in Insider Trading Law. For the last 30 years, the seminal insider trading case discussing tipper/tippee liability has been the Supreme Court’s decision in Dirks v. SEC, 463 U.S. 646 (1983). In Dirks, the...more

This Week In Securities Litigation

September 30th Madness dominated this week. The drive for stats was evident as the Commission stacked up cases like cord wood at a pace seldom seen. Twenty-two municipal bond actions were filed in one swoop; an insider...more

This Week In Securities Litigation

The Commission responded to critics of its administrative proceedings this week, proposing changes to the Rules of Practice which govern them. If adopted the new rules would modify the time period within which the actions...more

Unprecedented Hacking and Trading Scheme Highlights Key Cybersecurity Lessons

On Aug. 11, 2015, federal prosecutors in the District of New Jersey and the Eastern District of New York unsealed indictments against nine individuals in the U.S. and Ukraine who were allegedly involved in a five-year,...more

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