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insider trading

Dec 27, 2016

Feds say 3 hacked law firms’ networks, made insider trades

NEW YORK — Federal prosecutors in New York say three Chinese nationals profited from insider information about mergers and acquisitions after hacking into the networks of law firms working on the mergers. U.S. Attorney Preet Bharara says the three men made over $4 million in profits by buying stock in companies that were about to […]

Dec 6, 2016

Supreme Court upholds broad power to curb insider trading

WASHINGTON — A unanimous Supreme Court on Tuesday sided with the government in a legal clash over the nation’s insider trading laws, a victory for prosecutors seeking to curb corruption on Wall Street. The justices ruled that sharing corporate secrets with friends or relatives is illegal even if the insider providing the tip doesn’t receive […]

Oct 5, 2016

Justices seem wary of limiting insider trading prosecutions

WASHINGTON — The Supreme Court seemed unlikely on Wednesday to place new limits on the ability of prosecutors to crack down on insider trading on Wall Street. Most of the justices said during arguments in a closely watched case that insider trading violates the law even if the person supplying corporate secrets to a friend […]

Dec 16, 2014

Second Circuit – Insider Trading: United States v. Newman and Chiasson

U.S. Court of Appeals for the Second Circuit – Insider Trading – Scienter – Disclosure of Confidential Information   United States v. Newman and Chiasson 13-1837-cr(L) Judges Winter, Parker and Hall   Background: The defendants appealed from judgments following a six-week trial on charges of conspiracy to commit insider trading and insider trading. The government alleged [[...]

Dec 10, 2014

Appeals court deals blow to US in insider cases

NEW YORK — A federal appeals court dealt a blow to the government’s success in insider trading prosecutions Wednesday by reversing two convictions with a decision that also jeopardizes a third — and attempts to further define how far prosecutors can push the law in their quest to clean up Wall Street. The 2nd U.S. […]

Sep 24, 2014

Ex-firm exec pleads guilty in insider trading case

NEW YORK (AP) — A former executive at a New York investor firm has pleaded guilty to an insider trading charge for using drafts of press releases to illegally earn nearly a million dollars. Michael Lucarelli entered the plea to a federal securities fraud charge on Wednesday, his 52nd birthday. Lucarelli signed an agreement with […]

Jul 30, 2014

Second Circuit — Securities Act — Insider Trading: Chechele v. Sperling

U.S. Court of Appeals for the Second Circuit Securities Act — Insider Trading Purchase — Derivative Security Chechele v. Sperling 12-1769-cv Judges Walker, Wesley and Hall Background: The plaintiffs appealed from the dismissal of their claims arising from the Securities Exchange Act. The district court held that the requirements mandating disgorgement of short-swing profits by […]

Feb 7, 2014

SAC Capital ex-trader convicted of insider trading

NEW YORK — A former SAC Capital Advisors portfolio manager was convicted Thursday of helping his company earn more than a quarter billion dollars illegally through trades based on secrets about the testing of a potential breakthrough Alzheimer’s drug. The verdict capped a three-week trial that featured testimony from two prominent doctors who confessed spilling […]

Nov 7, 2013

Judge won’t stand in way of SAC deal

NEW YORK — A judge who has talked tough about insider trading stepped out of the way Wednesday of a $1.8 billion settlement of civil and criminal charges against hedge fund giant SAC Capital, saying what he thinks of the deal that carries record penalties “is not really relevant today.” U.S. District Judge Richard J. […]

Oct 29, 2013

Second Circuit — Insider Trading: United States v. Jiau

U.S. Court of Appeals for the Second Circuit Insider Trading Non-Pecuniary Benefits — Recorded Telephone Conversations United States v. Jiau 11-4167(L) Judges Kearse, Walker and Chin Background: The defendant appealed her conviction for conspiracy and insider trading arguing that the evidence of a phone conversation with an alleged co-conspirator was admitted in error. She also […]

Jul 28, 2013

Hedge fund pleads not guilty to fraud charges

NEW YORK — A not guilty plea was entered Friday on behalf of a Connecticut-based hedge fund charged in a criminal indictment with letting insider trading flourish over a 10-year period as it grew into an investing giant and made hundreds of millions of dollars illegally. The plea in Manhattan federal court was made by […]

Sep 13, 2012

Second Circuit — Insider Trading: SEC v. Obus

U.S. Court of Appeals for the Second Circuit Insider Trading Tipping Chains — Scienter SEC v. Obus 10-4749-cv Judges Walker, Raggi and Carney Background: The Securities and Exchange Commission appealed from an order granting summary judgment to the defendants on the SEC’s insider trading claims. The SEC alleged that the defendant Strickland had learned of […]

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