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Criminal Prosecution Material Nonpublic Information

BakerHostetler

Jury Finds Former NFT Marketplace Manager Guilty of 'Insider Trading' Wire Fraud Scheme and Money Laundering

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On May 3, 2023, a jury found Nathaniel Chastain, a former manager of OpenSea (a major NFT marketplace), guilty of wire fraud and money laundering in connection with his attempts to conceal his use of confidential business...more

BCLP

Criminal indictment of Executive Chairman and parallel civil charges show Feds' willingness to challenge Rule 10b5-1 trading plans

BCLP on

The Justice Department recently indicted the Executive Chairman of Ontrak, Inc. alleging that he failed the “clean hands” requirement because he had been aware of material nonpublic information relating to the potential loss...more

BakerHostetler

Second Circuit Vacates Insider Trading Convictions, Narrowing the Scope of Future Prosecutions

BakerHostetler on

As discussed more fully in our alert when Blaszczak I was issued, the crux of this case was that four individuals were charged with and convicted of an alleged scheme to obtain nonpublic information from the Centers for...more

Goodwin

SEC Focuses on Insider Trading and Leverages Market Analytics in Recent Slew of Enforcement Cases

Goodwin on

​​​​​​​On July 25, 2022, the U.S. Securities and Exchange Commission (“SEC”) announced insider trading charges against ten individual defendants across four separate cases (Bhardwaj, Goel, Markin, and Buyer), filed in the...more

BakerHostetler

SEC Brings Flurry of Insider Trading Cases Using Market Analytics

BakerHostetler on

On July 25, 2022, the Securities and Exchange Commission (SEC or the Commission) made headlines announcing insider trading charges against 10 individuals across four separate cases, signaling an increased and renewed focus on...more

BakerHostetler

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

BakerHostetler on

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

Dorsey & Whitney LLP

Federal Fraud Statutes - Not A Short Cut to Proving Insider Trading

Dorsey & Whitney LLP on

The question of what constitutes insider trading has been litigated for decades.  Many thought that a series of Supreme Court cases such as Dirks v. SEC, 462 U.S. 646 (1983) and its progeny had largely resolved the question...more

Burr & Forman

Insider Trading Trending

Burr & Forman on

This winter has seen insider-trading trending – and not just because President Trump pardoned Michael Milken.  In sequence, several legislative proposals have been working their way through Congress, the Second Circuit...more

WilmerHale

Insider Trading Law Alert: The Second Circuit Clears the Path for Insider Trading Convictions Absent a Dirks Personal Benefit

WilmerHale on

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

Proskauer - Minding Your Business

When Gym Gossip Can Change Your Lifetime

As one of the more closely watched insider trading prosecutions of the past few years heads towards trial, observers can look to the investigation surrounding the 2015 acquisition of Life Time Fitness Inc. as a reminder of...more

Jones Day

The Perils of Well-Intentioned Deception: Insider Trading Case Highlights Challenges Facing Public Companies

Jones Day on

The Situation: Despite Equifax's use of a cover story to keep employees from learning it was the victim of a serious data breach, a then-employee allegedly figured it out and made illegal securities trades based on the...more

Miller Canfield

U.S. Supreme Court Affirms Broader View of “Personal Benefits” That Can Trigger Insider-Trading Liability

Miller Canfield on

To be liable for insider trading in violation of the federal securities laws, the insider “tipper” who discloses the inside information must personally benefit, directly or indirectly, from his disclosure to a “tippee” who...more

Latham & Watkins LLP

Supreme Court Revisits Insider-Trading Liability

Latham & Watkins LLP on

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

Akin Gump Strauss Hauer & Feld LLP

United States v. Salman: Supreme Court Reaffirms “Friends With Benefits” Test In Insider Trading Cases

On December 6, 2016, in an opinion written by Justice Alito, the Supreme Court unanimously affirmed the Ninth Circuit’s decision in Salman v. United States, a closely-watched insider trading tipping case. Salman builds upon...more

Shearman & Sterling LLP

Supreme Court Affirms That Pecuniary Benefit Not Required For Family Member Tips, But Declines to Address What Constitutes a...

Yesterday, the United States Supreme Court issued a unanimous, but narrow, ruling in Salman v. United States, regarding criminal tipper/tippee liability for insider trading, which the Supreme Court had not significantly...more

Proskauer - Corporate Defense and Disputes

First Circuit Affirms Another Insider-Trading Conviction

On July 26, 2016, the U.S. Court of Appeals for the First Circuit affirmed another conviction in a pair of appeals arising from insider-trading prosecutions. The decision in United States v. McPhail confirms that, under...more

Proskauer - Corporate Defense and Disputes

Wine, Steak, and Massage Parlors Are Personal Benefits for Insider Trading

On May 26, 2016, the U.S. Court of Appeals for the First Circuit held that friends’ gifts of wine, steak dinners, and other luxury items can constitute the types of personal benefit needed to establish a breach of duty in...more

Greenberg Glusker LLP

Daily Fantasy Sports Industry Could Fall Apart After Scandal

Greenberg Glusker LLP on

Greenberg Glusker litigation partner Ricardo Cestero was quoted in a Law360 article, Daily Fantasy Sports Industry Could Fall Apart After Scandal, (subscription required), addressing a customer class action filed against the...more

Katten Muchin Rosenman LLP

Bridging the Week - October 2015 #2

SEC-Sanctioned Trader Began Alleged Spoofing After Complaining About Spoofing by Others to NYSE - Eric Oscher and Briargate Trading, LLC, a company 50 percent owned by Mr. Oscher, agreed to pay an aggregate fine of US...more

Akin Gump Strauss Hauer & Feld LLP

Salman v. Newman: The developing standard for insider trading liability

The 9th Circuit just denied rehearing en banc in a closely watched decision that declined to adopt a broad interpretation of its influential sister circuit’s watershed opinion in United States v. Newman, 773 F.3d 438 (2d Cir....more

Dorsey & Whitney LLP

Dirks, Newman, Tippees And The Government’s Cert Petition

Dorsey & Whitney LLP on

The Government filed its long awaited Petition for a Writ of Certiorari with the Supreme Court in the Newman insider trading case. The Petition presents three key issues which were generally presaged in the request for...more

Dorsey & Whitney LLP

SEC – USAO Charge Trader In Analyst Insider Trading Case

Dorsey & Whitney LLP on

Earlier this month the SEC brought an insider trading case against Zachary Zwerko, a financial analyst at a pharmaceutical company identified only as Pharma Co. SEC v. Zwerko, Civil Action No. CV 8181 (S.D.N.Y. Filed Oct. 10,...more

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JD Supra Privacy Policy

Updated: Dec 28, 2021:

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Information for EU and Swiss Residents

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Privacy Officer
JD Supra, LLC
150 Harbor Drive, #2760
Sausalito, CA 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

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California Privacy Rights

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Privacy Officer
JD Supra, LLC
150 Harbor Drive, #2760
Sausalito, CA 94965

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Changes in Our Privacy Policy

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Contacting JD Supra

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Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

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