This big sentencing opinion from the Tenth Circuit in the Nacchio case covers matters of great interest and importance to both sentencing theorists and practicing corporate lawyers. And how often do I get to say that?
“It has always been an open question whether the SEC would use this weapon against a CEO or CFO who did not personally engage in misconduct, and whether such an aggressive claim would be sustained in litigation.”
But two recent insider trading decisions show just how tough proving these cases can sometimes be for the SEC — partly because the law isn’t always exactly straightforward.
If a law student had written the Dorozhko opinion, I’d give him a D (and only because I never ever fail anybody). It is not an interpretation of O’Hagan. It is the creation of an entirely new version of misappropriation liability.
Few paid attention to the James Gansman trial. But reviewing days of trial transcripts opens up a rare, intimate portal. This is how life really happens, and how it gradually, almost unexpectedly, can veer out of control.