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Join the Securities Litigation and Enforcement Group on LinkedInCriminal Insider Trading in Personal Networks by Joan MacLeod Heminway — SSRN
This Article describes and comments on criminal insider trading prosecutions brought over an eleven-year period. The core common element among these cases is that they all involve alleged tipper/tippee insider trading or misappropriation insider trading implicating information transfers between or among friends or family members (rather than merely business connections). The ultimate objectives of the […]
SEC Charges Pharmaceutical Co. Chief Information Officer in $8 Million Insider Trading Scheme
The Securities and Exchange Commission today announced insider trading charges against Ramkumar Rayapureddy, Chief Information Officer of pharmaceutical company Viatris Inc., which was formerly known as Mylan N.V. The SEC’s complaint, filed in the United States District Court for the Western District of Pennsylvania, alleges that, from at least September 2017 through July 2019, Rayapureddy, […]
SEC Announces Additional Charges in Scheme to Trade Ahead of Pharma Tender Offer
According to the SEC’s complaint, filed in federal district court in Manhattan, Brian Wong made approximately $400,000 from illegally trading ahead of a February 2021 announcement of a tender offer by Merck & Co., Inc. to acquire Pandion Therapeutics, Inc. The SEC’s complaint alleges that Brian Wong’s brother, Brandon Wong, unlawfully communicated material nonpublic information […]
NFT Prosecution Sparks Debate Over Insider-Trading Label for Digital-Token Cases – WSJ
Insider trading typically evokes the idea of a well-connected investor using secret information to profit from stock trades. Now, a federal judge has allowed the Justice Department to use the same kind of narrative in a first-ever case about the trading of digital tokens—even though prosecutors didn’t bring traditional insider-trading charges. *** U.S. District Judge […]
‘From mother-in-law to behenoi’: How Sebi is battling insider trading – BusinessToday
Speaking at the 49th Foundation Day Lecture of IIM Bangalore, Sebi chairperson Madhabi Puri Buch highlighted the advancements that the regulator has done in terms of harnessing technology and data to prevent or minimise wrongdoings in the securities market. Interestingly, she also highlighted the way violators have evolved following the regulator’s enhanced focus on technology […]
OpenSea NFT Ex-Employee Must Face Insider Trading Charges – Bloomberg
But the judge rejected Chastain’s contention about the limits of the wire fraud law, because he isn’t accused of insider trading “in the classic sense of the term” and isn’t charged with securities fraud. Furman cited a Supreme Court case upholding the wire fraud conviction of a Wall Street Journal columnist who was found guilty […]
Ex-Goldman Sachs analyst and lawyer brother faces 2023 UK insider trading trial – Reuters
A former Goldman Sachs analyst and his brother, who was a lawyer at Clifford Chance, face a trial in London next year for alleged fraud and insider dealing. Mohammed Zina, 34, who was employed by Goldman Sachs International in the conflicts resolution group of its London office, and Suhail Zina, 35, formerly an associate at […]
Prosecutors argue “insider trading” claim in the OpenSea case is accurate
Chastain argued the use of “insider trading” to describe his alleged actions is “inflammatory” and doesn’t have anything to do with the accusations he faces, adding a jury may be influenced by the term if his case is brought to trial. He also added that “insider trading” only applies to securities and not to NFTs, […]
SEC Charges Two Canadian Software Engineers with Insider Trading
The Securities and Exchange Commission today announced insider trading charges against two Canadian software engineers who made $1.6 million by trading ahead of non-public, market-moving financial information. According to the SEC’s complaint, from at least May 2018 to July 2021, Harpreet Saini and John Lester Mandac Natividad, both of Ontario, were employed by a newswire […]
Bourbon insider trading – Bloomberg
This is a rule of securities law, though sort of an unwritten one: There is no specific statute banning insider trading, but there is a long tradition of treating it as a form of securities fraud. Using that secret inside information to trade stock is a form of fraud, on someone. (It’s not always clear who: The […]