For a start, Chastain wants the court to order his former employer to provide documents showing that the information he used to turn a profit is considered “property” of OpenSea. The wire fraud charge argues that Chastain “betrayed” and defrauded his employer when he used confidential business information to make money for himself.
Chastain is looking to get hold of documents confirming whether OpenSea executives were aware of his alleged practices, including Slack messages between Chastain and other employees, documents regarding OpenSea’s employee and confidentiality policies, as well as any communications in which OpenSea CEO Devin Finzer and co-founder Alex Atallah referenced Chastain.
As for his case with the Justice Department, Chastain, in a September 30 filing, has asked the department to strike the term “insider trading” from the indictment against him, labeling usage of the term as “inflammatory, unduly prejudicial, and irrelevant to the crimes charged.” …
‘Enforcement 40’ for 2020
Join Us On LinkedIn
Join the Securities Litigation and Enforcement Group on LinkedIn