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Illegal Tipping

Freeman Law

Insider Trading Law | An Evolving Landscape

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Throughout the history of the U.S. stock market, individuals have used insider access to information to gain an unfair advantage over other investors. The use of material non-public information (“MNPI”) in financial trading...more

Morgan Lewis

Insider Trading: Can There Be a Tippee Without a Tipper?

Morgan Lewis on

It is generally understood that it is unlawful to trade on nonpublic, market-moving information, or tips from someone with inside information—but what if the tip was not unlawful in the first place? When someone receives a...more

Katten Muchin Rosenman LLP

Record Penalty for Alleged Regulation FD Violations and Best Practices Going Forward - Capital Markets Compass | Issue 5

On December 5, 2022, a large telecommunications company (the Company) and the US Securities and Exchange Commission (SEC) agreed to settle long-standing charges that executives allegedly had selectively disclosed material...more

WilmerHale

The Second Circuit's Blaszczak Decision Fails to Resolve One Issue, Raises New Ones

WilmerHale on

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

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

Moore & Van Allen PLLC

Coinbase: Regulation by Enforcement? CFTC & Market Implications

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A Bloomberg article last week suggests potentially more bad news is on the way for Coinbase Global Inc. (“Coinbase”). Coinbase is reportedly facing an investigation by the U.S. Securities and Exchange Commission (“SEC”) into...more

McDermott Will & Emery

Inside Out: Is a Recent Crypto Asset Insider Trading Case a Prelude to More SEC Enforcement Actions?

McDermott Will & Emery on

On July 21, 2022, the US Securities and Exchange Commission (SEC) filed a civil enforcement action alleging that from at least June 2021 to April 2022, the three named defendants orchestrated and perpetrated an insider...more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: August 1, 2022

The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges. ...more

A&O Shearman

SEC And DOJ Bring First Ever Charges For Cryptocurrency Insider Trading Tipping Scheme

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On July 21, 2022, the Securities and Exchange Commission (“SEC”) filed a complaint and the Department of Justice (“DOJ”) unsealed an indictment against Ishan Wahi, a former Coinbase employee, his brother, Nikhil Wahi, and...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

Holland & Knight LLP

SEC Continues Use of Data Analytics to Aid Enforcement Investigations

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The U.S. Securities and Exchange Commission (SEC) charged nine individuals with insider trading in three separate actions on July 25, 2022, alleging the misconduct resulted in ill-gotten gains totaling more than $6.8 million....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

Wilson Sonsini Goodrich & Rosati

SEC Charges Former Coinbase Employee with Insider Trading in Crypto Assets—the First SEC Enforcement Action Against a Crypto...

In an unprecedented enforcement action, the U.S. Securities and Exchange Commission (SEC) brought insider trading charges against a former Coinbase manager and two others related to buying 25 tokens ahead of Coinbase's...more

Allen Matkins

Insider Trading Under The CSL - There Is No Shadow Of Turning With Thee

Allen Matkins on

Last summer, the Securities and Exchange Commission charged yet another corporate insider, Matthew Panuwar, with insider trading.  This case was unusual because Mr. Panuwar did not trade in the securities of his employer,...more

Foley & Lardner LLP

SEC Brings Insider Trading Out of the Shadows

Foley & Lardner LLP on

On August 17, 2021, the Securities and Exchange Commission (SEC) filed a litigated enforcement action in federal court in San Francisco, California alleging insider trading against Matthew Panuwat. Of note, the SEC action...more

WilmerHale

Insider Trading Case to Watch: The Second Circuit to Revisit Blaszczak

WilmerHale on

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

Latham & Watkins LLP

The New German Digitalization Act: An Overview

Latham & Watkins LLP on

The Digitalization Act, which entered into force on January 19, 2021, substantially extends the scope of German antitrust law to tackle presumed enforcement challenges in the digital economy and raises merger control...more

The Volkov Law Group

Insider Trading by Members of Congress: An Enforcement Nightmare?

The Volkov Law Group on

Several members of Congress have been implicated in potential insider trading scandals stemming from stock transactions that occurred at the beginning of COVID-19 crisis before the major stock market decline.  As reported by...more

Burr & Forman

Insider Trading Trending

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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

BakerHostetler

Second Circuit Endorses New Criminal Theory for Insider Trading Prosecution

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For the first time since the Supreme Court’s 1983 decision in Dirks v. SEC, the United States Court of Appeals for the Second Circuit affirmed an insider trading conviction without proof of a personal benefit to the insider...more

Polsinelli

Prosecutors Not Required to Prove Tipper Received “Personal Benefit” to be Convicted Under Criminal Insider Trading Statute

Polsinelli on

On December 30, 2019 the Second Circuit issued its opinion in United States v. Blaszczak, finding that the government can criminally prosecute insider trading under 18 U.S.C. 1348 without proving personal benefit to the...more

Proskauer - Corporate Defense and Disputes

Second Circuit Holds that a “Personal Benefit” Is Not Required for Insider Trading Under Criminal Securities Statute

The Second Circuit held earlier this week that the criminal statute proscribing securities fraud permits convictions for insider trading without proof that the provider of material, nonpublic information received a personal...more

Kramer Levin Naftalis & Frankel LLP

House Passes Insider Trading Prohibition Act

On Dec. 5, 2019, the U.S. House of Representatives passed the Insider Trading Prohibition Act (ITPA) by a vote of 410-13. If passed by the Senate and signed into law by the President, the bill will establish the first...more

WilmerHale

Insider Trading Prohibition Act Passed by the House of Representatives

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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

Foley Hoag LLP - White Collar Law &...

House of Representatives Votes to Codify Insider Trading Laws

December 9th, 2019, the full House of Representatives approved H.R. 2534, otherwise known as the Insider Trading Prohibition Act. If passed by the Senate and signed by the President, this legislation would mark an important...more

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