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Sen. Josh Hawley (R-Mo.) has introduced a bill that would ban members of Congress from trading and owning stocks, using the name of his legislation to take a jab at Rep. Nancy Pelosi (D-Calif.). Hawley on Tuesday introduced the Pelosi Act — or the Preventing Elected Leaders from Owning Securities and Investments Act — renewing a […]
In a split verdict, a federal jury on Thursday convicted a Chicago attorney of using insider information from a friend to make a windfall in stock purchases involving an education-technology company, while acquitting the friend on all counts. The jury deliberated for about nine hours over two days before the verdict was announced Thursday afternoon […]
The brother of a former Coinbase Global Inc. product manager was sentenced Tuesday to 10 months for his role in a scheme to trade on confidential information about when the cryptocurrency exchange was going to list new tokens. Nikhil Wahi, 26, pleaded guilty in September to a count of conspiracy to commit wire fraud. Prosecutors […]
Retired Sen. Richard Burr (R-N.C.) announced on Friday that the Securities and Exchange Commission (SEC) has closed a 2 1/2-year investigation of his stock trading activities without taking action against him. “This week, the SEC informed me that they have concluded their investigation with no action. I am glad to have this matter in the […]
Insider Dealing Trial of Ex-Goldman Analyst — November 2023 A former Goldman Sachs Group Inc. analyst and his brother, an ex-lawyer at top London law firm Clifford Chance, stand accused of insider trading. Mohammed Zina and Suhail Zina, were charged over trading in six stocks and prosecutors allege that the insider trades came from within […]
The Second Circuit held yesterday that a government agency’s nonpublic, pre-decisional regulatory information does not constitute “property” for purposes of the federal insider-trading and wire-fraud statutes. The decision in United States v. Blaszczak (2d Cir. Dec. 27, 2022) (“Blaszczak II”) effectively vacated convictions under those statutes for defendants who had traded on nonpublic, market-moving information that had […]
A divided appeals court on Tuesday rejected the insider trading convictions of four men, including an ex-government employee turned consultant, prompting a sharp dissent from a judge who says the ruling may prompt insiders to sell confidential government information to the highest bidders. The decision of the 2nd U.S. Circuit Court of Appeals came in […]
According to evidence presented at trial, Barama formerly worked as a contractor at Palo Alto Networks. During that time he met an employee who worked in the company’s information technology department. From at least October 2016 through September 2017, the employee learned confidential inside information about the company’s quarterly revenue and financial performance through his […]
The Securities and Exchange Commission today charged Nader Pourhassan, the former CEO of CytoDyn Inc., with fraud and insider trading in connection with providing misleading information to shareholders about the progress of a clinical research treatment for COVID-19 and HIV. According to the SEC’s complaint, Pourhassan repeatedly issued press releases exaggerating CytoDyn’s progress with regard […]
U.S. law currently does not statutorily define insider trading. But it’s understood to take place when someone with a fiduciary duty executes trades on the basis of material, non-public information. Those who engage in insider trading most frequently face civil penalties pursued by the SEC and/or criminal prosecution by the Justice Department. Section 10(b) of the Securities Exchange Act […]