‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInAre We There Yet? The Latest Attempt at an Insider Trading Statute | New York Law Journal
In sum, if the Senate passes and the President signs it, this legislation will create a standard that Congress has tried to achieve for decades. Recognizing the polarization of our current political climate during a presidential election year, many may suggest that any effort to enact this legislation will likely be unsuccessful. However, given the […]
SEC Brought Fewest Insider Trading Enforcement Cases In Decades In 2019 : NPR
NPR reviewed data from the 1980s through last year and found that under the Trump administration, the SEC brought just 32 insider trading enforcement actions in 2019, the lowest number since 1996. The SEC charged 46 defendants as part of those cases. That was the lowest number of defendants in insider trading cases since Ronald […]
German’s watchdog widens probe of possible Wirecard insider trading | News | 1450 99.7 WHTC
Germany’s financial watchdog is widening its examination into possible insider trading of Wirecard shares to include any individuals who have sat on the company’s management and supervisory boards in 2020, a BaFin spokeswoman said on Wednesday. via German’s watchdog widens probe of possible Wirecard insider trading | News | 1450 99.7 WHTC.
China’s regulator gets tough on insider trading as it metes out record penalty on wrongdoers in the financial markets | South China Morning Post
China’s securities regulator slapped two individuals with a record fine for insider trading and confiscated their ill-gotten gains, meting out 3.6 billion yuan (US$508 million) of penalties in an unprecedented enforcement to stamp out corporate malfeasance in the country’s financial markets. Shanghai entrepreneur Wang Yaoyuan and his daughter Wang Chengcheng were fined 2.72 billion yuan […]
Is Insider Trading Prosecution Unconstitutional? Ex-Apple Attorney’s Counsel Still Says Yes | Corporate Counsel
In April, Levoff’s attorney, Kevin Marino, founding partner at Marino, Tortorella & Boyle in Chatham, New Jersey, moved to dismiss the charges arguing that insider trading has never been made into law by Congress. He said the definition of insider trading has been created by judges and the prosecution of insider trading is unconstitutional. via […]
Rethinking “Friends and Family”? Insider Trading Liability | LinkedIn
The scenarios are familiar (and especially prevalent in work-from-home environments): A close friend or family member of a corporate insider sees or overhears highly confidential company information, or is entrusted with it by the insider who assumes (and perhaps insists) that it will remain confidential. The friend or family member proves untrustworthy and, without telling the company […]
U.S. DOJ closing insider trading probes into three senators: WSJ | Reuters
The three senators include Republicans Kelly Loeffler of Georgia and James Inhofe of Oklahoma, and Democrat Dianne Feinstein of California, the Journal reported, adding that prosecutors are alerting their defense attorneys about the closing of the probes. However, the DOJ’s related probe into Senator Richard Burr is continuing, according to the newspaper. via U.S. DOJ […]
FBI serves search warrant on Sen. Richard Burr amid stock trading controversy: report | TheHill
The FBI served a search warrant on Sen. Richard Burr (R-N.C.) Wednesday as an investigation pushes forward on whether or not the senator violated a law that prevents members of Congress from trading on insider information they learn from their work, The Los Angeles Times reported. Federal agents seized Burr’s cellphone after they served a […]
Ex-Apple Lawyer Gene Levoff Blasts Insider-Trading Charges – Bloomberg
“The definition of insider trading is wholly judge-made: Every element of the crime and the scope of regulated individuals subject to it was divined by judges, not elected legislators,” Levoff’s lawyer Kevin Marino said in a filing. “This alone renders the criminal prosecution of insider trading unconstitutional.” Courts for years have upheld criminal indictments in […]
Judge Allows Ex-GOP Congressman Convicted for Insider Trading to Delay Prison Time
A former Republican congressman in New York, famously the first member of Congress to endorse Donald Trump for president, will not begin his 26-month prison sentence until at least June. Lawyer for Christopher Collins asked U.S. District Judge Vernon Broderick to permit months of delay in incarceration, given the threat of COVID-19. via Judge Allows […]