This month the SEC secured a jury trial victory in its much-discussed “shadow trading” case in SEC v. Panuwat. As we have described in a prior alert, the term “shadow trading” has been used to refer to trading in the...more
While Foreign Corrupt Practices Act (FCPA) enforcement activity has not come close to returning to the heights seen a few years ago, 2022 reflected significant increases from the prior year in both the number of cases against...more
2/10/2023
/ Anti-Bribery ,
Anti-Corruption ,
Bribery ,
CFTC ,
Compliance ,
Cooperation ,
Corporate Crimes ,
Corporate Criminal Fines ,
Corruption ,
Cross-Border ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Enforcement Priorities ,
Enforcement Statistics ,
Foreign Corrupt Practices Act (FCPA) ,
Securities and Exchange Commission (SEC) ,
White Collar Crimes
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
1/27/2023
/ Confidential Information ,
Fiduciary Duty ,
Government Property ,
Illegal Tipping ,
Insider Trading ,
Material Nonpublic Information ,
Non-Public Information ,
Personal Benefit ,
Rule 10b-5 ,
Securities Exchange Act ,
Securities Fraud ,
Securities Violations
The Securities and Exchange Commission’s (SEC or Commission) actions in 2021 demonstrate that insider trading remains a key enforcement priority. While the absolute number of insider trading enforcement actions brought by the...more
12/28/2021
/ 10b5-1 Plans ,
Affirmative Defenses ,
Corporate Governance ,
Dark Web ,
Enforcement Actions ,
Enforcement Priorities ,
Fraud ,
Insider Trading ,
Internal Controls ,
Market Participants ,
Material Nonpublic Information ,
Proposed Amendments ,
Proposed Legislation ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Fraud ,
Securities Litigation ,
Securities Violations ,
Share Price
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
On December 30, 2019, the Second Circuit issued a consequential insider trading decision in United States v. Blaszczak. In Blaszczak, the Second Circuit faced the question whether the “personal benefit” test set forth in...more
1/8/2020
/ Administrative Proceedings ,
Appeals ,
Centers for Medicare & Medicaid Services (CMS) ,
Criminal Code ,
Criminal Convictions ,
Criminal Prosecution ,
Dirks v SEC ,
Enforcement Authority ,
Hedge Funds ,
Insider Trading ,
Legislative Agendas ,
Material Nonpublic Information ,
Personal Benefit ,
Rule 10(b) ,
Sarbanes-Oxley ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Wire Fraud
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
12/13/2019
/ Bipartisan Agreement ,
Illegal Tipping ,
Insider Trading ,
Martoma ,
Pending Legislation ,
Personal Benefit ,
Proposed Amendments ,
Rule 10b-5 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
US v Newman ,
US v Salman
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
5/15/2019
/ Appeals ,
Dirks v SEC ,
Fiduciary Duty ,
Illegal Tipping ,
Insider Trading ,
Martoma ,
Material Nonpublic Information ,
Personal Benefit ,
Petition for Writ of Certiorari ,
Rule 10b-5 ,
Sarbanes-Oxley ,
Securities Exchange Act ,
Securities Fraud ,
US v Newman ,
US v Salman