Ruling holds that the government cannot use conspiracy and accomplice liability theories to reach foreign nationals that lack US ties.
Key Points:
..Non-resident foreign nationals who are not otherwise subject to direct...more
Respondents in pending or future proceedings should carefully assess their options until several key legal questions are resolved.
The United States Supreme Court recently issued its ruling in Lucia v. Securities and...more
Corporate resolution policy will provide greater clarity and predictability for companies that self-report and cooperate with DOJ.
Key Points:
..The new policy requires DOJ civil and criminal prosecutors to coordinate...more
Key Points:
- DOJ is reviewing and reevaluating numerous corporate enforcement policies, including the “Yates Memo,” the FCPA Pilot Program, and policies on corporate monitors.
- Policies will be codified in official...more
The agency’s updated advisory for companies and first-ever guidance for individuals shed additional light on its approach for recognizing cooperation.
On January 19, 2017, the Division of Enforcement (Division) of the...more
Salman reaffirms Dirks and holds that a “gift” of inside information to a trading relative or friend continues to meet the personal-benefit requirement.
The Salman Prosecution -
In 2011, Bassam Yacoub Salman was...more
Most business executives and officers lack the training and preparation to deal effectively with a search warrant.
State and federal law enforcement agencies continue to increase their investigation and prosecution of...more
The Ninth Circuit’s recent decision calls into question the Second Circuit’s definition of “personal benefit” for insider trading liability in criminal prosecutions.
On July 6, 2015, United States District Court Judge...more
7/13/2015
/ Broker-Dealer ,
Enforcement Actions ,
Hedge Funds ,
Illegal Tipping ,
Insider Trading ,
Judge Rakoff ,
Material Nonpublic Information ,
Personal Benefit ,
Popular ,
Securities and Exchange Commission (SEC) ,
US v Newman
In a brief — and swiftly decided — per curiam decision issued June 4, 2015, the US Court of Appeals for the Second Circuit affirmed the wire fraud and wire fraud conspiracy convictions of three former UBS Financial Services,...more
Breaking from precedent, the Second Circuit sets a new standard for the personal benefit element of insider trader liability.
On December 10, 2014, the United States Court of Appeals for the Second Circuit reversed...more
12/15/2014
/ Dell ,
Hedge Funds ,
Illegal Tipping ,
Insider Trading ,
Material Nonpublic Information ,
NVIDIA ,
Personal Benefit ,
Portfolio Managers ,
Rule 10b-5 ,
Securities ,
Securities Fraud ,
US v Newman
In recent years, state and federal law enforcement agencies continue to increase their investigation and prosecution of white collar crime, particularly relating to the securities and healthcare industries. The search warrant...more