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Confidential Information Criminal Prosecution Insider Trading

BCLP

Post-Panuwat: Have You Reviewed and Updated Your Insider Trading and Other Corporate Policies?

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As discussed in our September 1, 2021 post, the SEC brought its first “shadow insider trading” case against Matthew Panuwat, a company employee who purchased options in a competitor’s shares shortly after learning his...more

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

Kohrman Jackson & Krantz LLP

OpenSea Employee Arrested in First NFT Insider Trading Case

Earlier this month, the U.S. Attorney’s Office for the Southern District of New York announced the first ever indictment for insider trading of digital assets. According to the indictment, in 2021 Nathaniel Chastain was...more

Polsinelli

Former OpenSea Employee Charged with Wire Fraud and Money Laundering in First Ever “Digital Asset Insider Trading” Scheme

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A former employee of OpenSea, the largest marketplace for the purchase and sale of non-fungible tokens (NFTs), has been indicted and charged with wire fraud and money laundering allegedly in connection with actions he took...more

Perkins Coie

Second Circuit Provides Easier Path for Criminal Insider Trading Cases

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The U.S. Court of Appeals for the Second Circuit issued an opinion in United States v. Blaszczak on December 30, 2019 that could significantly affect the prosecution of criminal insider trading cases. The Second Circuit...more

Proskauer - Corporate Defense and Disputes

Insider Trading for Dummies: Judge Rakoff Tries to Simplify the Law

A lot of ink has been spilled over the crime of insider trading, which – in the view of U.S. District Judge Jed Rakoff – “is a straightforward concept that some courts have managed to complicate.” In his recent decision in...more

Proskauer Rose LLP

Second Circuit Again Holds That Tipper/Tippee Liability Can Arise from a Gift of Inside Information Even Without a Close Personal...

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The Second Circuit confirmed this week that a "meaningfully close personal relationship" is not required for insider-trading liability where a tipper discloses inside information as a gift with the intent to benefit the...more

Patterson Belknap Webb & Tyler LLP

Newman’s “Meaningfully Close Personal Relationship” Requirement No Longer Good Law

A divided Second Circuit panel (Katzmann, Pooler (dissenting), Chin) on Wednesday upheld the insider trading conviction of former SAC Capital portfolio manager Mathew Martoma. Confronting its precedent in United States v....more

BakerHostetler

2017 Year-End Securities Litigation and Enforcement Highlights

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Welcome to the 2017 Year-End Report from the BakerHostetler Securities Litigation and Regulatory Enforcement Practice Team. The purpose of this report is to provide a periodic survey of matters we believe to be of interest...more

Baker Donelson

Salman v. U.S.: More Questions than Answers?

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The United States Supreme Court recently rendered a decision in Salman1 resolving a circuit split over whether the government prosecuting an insider trading case must show that the person giving an insider tip received...more

Lowndes

7 Things You Should Consider To Avoid Criminal Prosecution

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In its first insider trading ruling in almost 20 years, the U.S. Supreme Court upheld a ruling by the 9th Circuit Court of Appeals that a person can be held criminally liable for passing inside information to a friend or...more

Proskauer - Corporate Defense and Disputes

SEC and DOJ Charge Board Member with Trading on Inside Information . . . During a Board Meeting

On Friday, the SEC filed a complaint against James C. Cope, a former member of the Executive Committee of Pinnacle Financial Partners’ (“PFP”) board of directors, alleging that he engaged in insider trading. The same day,...more

Katten Muchin Rosenman LLP

Bridging the Week - June 2016 #3

SEC Overturns CBOE Determination That Individual Traders of Two Omnibus Accounts Were Customers Requiring Application of Customer Identification Rule - The Securities and Exchange Commission set aside a determination by...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

Manatt, Phelps & Phillips, LLP

Corporate Investigations & White Collar Defense - September 2015

No Dog Days of August for the SEC—A Recap of a Busy Month - Why it matters: Who says there is a government slowdown in August? Not for the SEC. August 2015 turned out to be very busy indeed for the agency, which...more

Dorsey & Whitney LLP

This Week In Securities Litigation (Week ending August 14, 2015)

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A second insider trading action was brought by the Commission against a senior banking official based on the same take-over for which he was previously charged — but a different securities trading account is at the center of...more

Brooks Pierce

A Non-Insider Trading Case in the District of Massachusetts

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Insider trading prosecutions can be difficult. Because of the haphazard and tortuous growth of insider trading law itself, the prosecutions involve proving lots of different pesky elements. Fiduciary duties, materiality,...more

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