Insider trading is more about the unfairness of someone realizing benefits from unauthorized trading on confidential information than about identifying victims of the violation. Although it is a misnomer to describe it as a “victimless crime,” it is a type of securities fraud in which no one will have an identifiable loss like the victim of a Ponzi scheme….
Although federal law grants rights to victims in criminal prosecutions, when the case involves insider trading it looks like no one can claim that status.
‘Enforcement 40’ for 2020
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