The Insider Trading Cartoon Series, Vol. 15 -- United States v. Newman (Part 2)
The Insider Trading Cartoon Series, Vol. X -- Tipping (pre-Newman)
On August 23, 2017, the Second Circuit Court of Appeals affirmed the insider trading conviction of Matthew Martoma, a former portfolio manager for SAC Capital Advisors LLP ("SAC Capital"). In doing so, the court overturned...more
In a case likely to have ongoing ramifications, the Second Circuit recently upheld the conviction of Matthew Martoma, a former portfolio manager for Stephen Cohen’s SAC Capital. In so doing, the court clarified, at least for...more
As noted in our December 9, 2016, Client Alert, the Supreme Court in Salman v. U.S. ruled that the required “personal benefit” to the person disclosing inside information (the tipper) does not need to be “pecuniary” or...more
Former Portfolio Manager’s Conviction for Insider Trading Upheld by Federal Appeals Court Despite Same Court’s Prior Contrary Reasoning: Last week, a three-judge panel of the federal appeals court in New York upheld the...more
Stock traders who thought they could trade freely on gifts of inside information so long as the givers were not their close friends should rethink their strategy. The U.S. Court of Appeals for the Second Circuit this week...more
In what appears to be the first appellate decision since the Supreme Court’s December 2016 ruling in Salman v. United States, the U.S. Court of Appeals for the First Circuit affirmed an insider-trading conviction based on a...more
In December 2016, the U. S. Supreme Court announced its decision in the closely watched insider trading case Salman v. US, ruling that if someone leaks confidential information to a friend or family member with the goal of...more
Perhaps the most serious charge that could be leveled against a reader of this blog is that of being engaged in or associated with “insider trading.” The allegation alone is enough to derail or end a promising career. ...more
Action Item: Last week, in a unanimous decision in Salman v. U.S., the U.S. Supreme Court affirmed the Ninth Circuit’s interpretation of insider trading rules, permitting prosecutions even when the insider/tipper did not...more
Salman v. United States, is only the third insider-trading case heard by the United States Supreme Court. In Salman, the Court upheld the insider trading conviction of Bassam Salman, ruling that a tipper’s gift of...more
The Supreme Court issued its decision in Salman v. United States on Tuesday, unanimously affirming the conviction of Petitioner Bassam Salman. Following a circuit split on the issue of “gift-giving” and personal benefits, the...more
In Salman v. United States, No. 15-628, 580 U.S. ___, 2016 WL 7078448 (2016), the United States Supreme Court (Alito, J.) unanimously affirmed the insider trading conviction of petitioner Bassam Salman on the ground that Mr....more
On December 6, 2016, the U.S. Supreme Court in Salman v. United States unanimously held that an insider's gift of confidential information to a "trading relative or friend" is sufficient to establish the personal benefit to...more
The United States Supreme Court (Alito, J.) issued a unanimous decision today affirming the Ninth Circuit’s decision in Salman v. United States, an insider trading case concerning tippee liability. The Court held that the...more
In a much-anticipated ruling on insider trading, the Supreme Court held today, in Salman v. United States, that the disclosure of inside information by a corporate insider (tipper) to a “trading relative” (a tippee)...more
Yesterday, the Supreme Court decided a major insider trading case, Salman v. United States, 15-628. In Salman, the Supreme Court reaffirmed its prior ruling in Dirks v. SEC and held that a jury could infer that a tipper...more
On December 6, 2016, after nearly twenty years of silence on insider trading, the U.S. Supreme Court unanimously affirmed the Ninth Circuit in holding that prosecutors need not show that a tipster received a pecuniary or...more
Yesterday, the Supreme Court confirmed a more expansive application of criminal insider trading violations when it unanimously affirmed the Ninth Circuit Court of Appeals decision in Salman v. United States. In doing so, the...more
The Supreme Court in Salman v. United States yesterday issued its most significant ruling in an insider trading case in more than two decades. In a unanimous, brief opinion written by Justice Alito, the Supreme Court affirmed...more