News & Analysis as of

Insider Trading Dept. of Justice

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The DOJ announced the formalization of a new FCPA cooperation policy built on the success of its Pilot Program. That program resulted in a significant increase in firm’s self-reporting and cooperating, the goal of the new...more

Corporate Investigations and White Collar Defense - November 2017

Insider Trading: Once More Into the Breach - Why it matters: On Aug. 23, 2017, the Second Circuit decided U.S. v. Martoma, in which the court affirmed a tippee’s conviction in an insider trading case based on the Supreme...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The DOJ unsealed criminal charges against five individuals involved in the Rolls-Royce FCPA action previously brought by the DOJ, SFO and Brazilian authorities. The charges were filed in the Southern District of Ohio. Each...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Deutsche Borse CEO Carsten Kengeter announced yesterday that he’ll step down in the wake of insider-trading allegations related to the exchange’s now-defunct merger with the London Stock Exchange Group....more

Investment Management Special Report - 2017-18 Compliance Developments & Calendar for Private Fund Advisers

Introduction - Despite an anticipated de-regulatory push, there are significant new regulatory concerns for investment advisers to address in connection with their annual review of their compliance manuals....more

Equifax Breach: Lessons Corporations Must Learn from Equifax’s Poor Planning and Response

Equifax’s stunning security breach and inadequate response has now claimed its most prominent victim – the CEO of Equifax, Richard Smith, announced his immediate resignation. In light of this rapid fall from grace, here...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Dealbook’s Street Scene column suggests that Wells Fargo would do well to forget about perceptions and start getting down to the hard business of fixing the “appalling behavior” that’s behind the ugly series of scandals that...more

What Is The Value of Cooperation With the SEC?

by Dorsey & Whitney LLP on

The Commission has long encouraged firms and individuals to cooperate with its investigations based on the promise of consideration when the action is resolved. When the resolution is reached the agency may acknowledge the...more

DOJ And SEC File Parallel Criminal And Civil Insider Trading Charges Against Scientist Who Conducted Internet Searches On How To...

by Shearman & Sterling LLP on

On July 12, 2017, both the Department of Justice (“DOJ”) and Securities and Exchange Commission (”SEC”) filed insider trading charges against a research scientist who allegedly traded upon confidential information obtained...more

Insider Trading, Research on Evading Detection Yields SEC, DOJ Charges

by Dorsey & Whitney LLP on

Trying to cover-up illegal conduct can, and usually does, make the situation worse. A research engineer who used material non-public information obtained from his attorney wife to trade in advance of two acquisitions while...more

U.S. Agencies Step Up Insider Trading Enforcement Against Foreign Nationals, Particularly Chinese Traders

by Perkins Coie on

Investigations and enforcement actions by the U.S. Securities and Exchange Commission (SEC) and U.S. Department of Justice (DOJ) targeting potential illegal insider trading by foreign nationals, particularly by those in...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

Two former senior executives of Magyar Telecom, controlled by Deutsche Telekom AG, resolved long running FCPA charges with the Commission. The charges stem from the 2011 settlements of the company with the SEC and DOJ tied to...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Wells Fargo’s board not only issued a massive report on its fake account scandal yesterday. It also announced that the bank would claw back an additional $75 million from former CEO John Stumpf and former head of community...more

Corporate Investigations and White Collar Defense - March 2017

DOJ's New Guidance for Evaluating Corporate Compliance Programs - Why it matters: On February 8, 2017, the DOJ released, to little fanfare, a new guidance document entitled "Evaluation of Corporate Compliance Programs."...more

Will 2017 Be the Year of Insider Trading Reform?

by McGuireWoods LLP on

For several years running, insider trading has been among the most high-profile enforcement priorities for both DOJ and the SEC. Unlike most federal criminal law, insider trading remains undefined by statute, having instead...more

Corporate Investigations and White Collar Defense - December 2016

Insider Trading: Supreme Court Affirms Salman - Why it matters: On December 6, 2016 the Supreme Court decided Salman v. U.S., in which it upheld the petitioner’s insider trading conviction. The Court found its 1983...more

2016 Proskauer Annual Review and Outlook for Hedge Funds, Private Equity Funds and Other Private Funds

by Proskauer Rose LLP on

This special report provides a summary of some of the significant changes and developments that occurred in the past year in the private equity and hedge funds space, as well as certain recommended practices that investment...more

Corporate Investigations and White Collar Defense - October 2016

Supreme Court: What Constitutes an Insider Trading “Personal Benefit” - Why it matters: On October 5, 2016, the Supreme Court heard oral argument in Salman v. United States, where the central issue was what the...more

Your daily dose of financial news - The Brief – 9.23.16

by Robins Kaplan LLP on

Well, see, Yahoo just doesn’t have enough on its plate these days. So why not the revelation that hackers stole data on 500 million users in 2014? The hack—thought to be a state-sponsored affair—is likely the biggest data...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission settled another FCPA action centered on the efforts of a Chilean airline to resolve its labor issues. The agency also filed four offering fraud actions: one based on an internet fraud; a second centered on the...more

Corporate Investigations and White Collar Defense - July 2016

“Official Acts”—What They Are… and Are Not - Why it matters: On June 27, 2016, the Supreme Court decided McDonnell v. U.S., holding that, for purposes of the federal public corruption statutes, an “official act”...more

Effective SEC Enforcement – Built on Fundamental Fairness

by Dorsey & Whitney LLP on

How effective is the SEC enforcement program at deterrence? With the adoption of the “broken windows” theory of enforcement the agency adopted a theory of market policing borrowed from the New York City police department. It...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

Merrill Lynch was at the center of actions brought by the SEC and FINRA this week. One action charged the firm with violations of the customer protection rule tied to using customer cash and failing to protect their...more

Your daily dose of financial news - The Brief – 6.16.16

by Robins Kaplan LLP on

As expected, the Fed announced yesterday that it was holding current interest rates steady and would be slow to push rates up while the economy tiptoes toward stability. Much more from Chair Yellen and economists’ reaction...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The elements of an insider trading claim continued to be a key focus this week. The first circuit, following prior circuit precedent, held that a personal benefit based on a long term friendship and a steak dinner was...more

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