News & Analysis as of September 18, 2024

Criminal Prosecution

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The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +

The Justice Insiders Podcast: Meet the Securities and Exchange (and Human Resources) Commission

Is The SEC's Shadow Trading Win Proof That There Is A Federal Common Law Of Crime After All?

Allen Matkins on 4/8/2024

Last week, the U.S. Securities and Exchange Commission's Director of Enforcement celebrated a jury verdict in its insider trading case against Matthew Panuwat...more

Digital Assets: An Expanding Arena for Insider Trading and Market Manipulation

Carlton Fields on 3/1/2023

Both the SEC and DOJ are creatively and aggressively attacking the use of digital assets as a medium for insider trading or market manipulation. While the jurisdictional battle over digital assets still rages between the SEC...more

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

BakerHostetler on 7/25/2022

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

Second Circuit Limits Criminal Restitution Orders Under the Mandatory Victims Restitution Act: Expenses Associated With SEC...

Kramer Levin Naftalis & Frankel LLP on 3/30/2022

On Feb. 25, 2022, the U.S. Court of Appeals for the Second Circuit held in United States v. Afriyie that restitution orders under the Mandatory Victims Restitution Act (MVRA) do not allow victims to recover attorneys’ fees...more

Bharara Task Force Overlooks California Insider Trading Statute

Allen Matkins on 1/29/2020

I have long advocated for a federal statutory definition of insider trading because I believe that the current approach has been for the courts to convict first and then explicate the theory supporting the conviction in a...more

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

Polsinelli on 1/9/2020

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

Woodbridge Trustee Seeks Relief In California's Corporate Securities Law

Allen Matkins on 12/5/2019

On Monday, the trustee of the Woodbridge Liquidation Trust filed a lawsuit against numerous law firms and lawyers. The trustee's lawsuit relates to the reportedly $1.3 billion Ponzi scheme allegedly orchestrated by Robert H....more

Warning Shot: Charges Against OneCoin Include Securities Fraud

Proskauer - Blockchain and the Law on 4/26/2019

In early March, the Manhattan U.S. Attorney unsealed indictments against the leaders of the Bulgarian-based “purported” cryptocurrency “OneCoin” on wire fraud, money laundering and federal securities fraud charges relating to...more

SEC and DOJ Charge Former Executives of Private Company for Misrepresenting the Company’s Technology - A Reminder that Private...

Fenwick & West LLP on 2/21/2019

In a case reminiscent of last year’s blockbuster government actions against Theranos and its former executives, the U.S. Department of Justice and the U.S. Securities and Exchange Commission have separately charged two former...more

Second Circuit Applies Morrison to Criminal Prosecution Under Section 10(b) and Rule 10b-5

Sheppard Mullin Richter & Hampton LLP on 10/25/2013

In United States v. Vilar, Case Nos. 10-521(L), 10-580(CON), 10-4639(CON), 2013 WL 4608948 (2d Cir. Aug. 30, 2013), the United States Court of Appeals for the Second Circuit held that Section 10(b) of the Securities Exchange...more

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Securities Exchange Act › Rule 10b-5 › Criminal Prosecution

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