Tag Archives: insider trading

SEC Charges Attorneys and Accountant with Insider Trading

September 29, 2015 Dear Friends, The SEC alleges that two lawyers and an accountant illegally traded on confidential information, misappropriated during a meeting with a mutual client to discuss personal matters, as outlined below. During a meeting to discuss personal end-of-year tax and estate planning matters, a board member of a pharmaceutical company (and a mutual client of the attorneys […]

Solicitor General Asks Supreme Court to Review Newman Ruling

July 30, 2015 Dear Friends, Today, Donald Verrilli, the Solicitor General of the United States, filed a petition with the United States Supreme Court to review the Newman ruling. By way of background, in December 2014, The U.S. Court of Appeals for the Second Circuit overturned the insider trading convictions of two hedge fund managers – Todd Newman and Anthony Chiasson, redefining […]

Gupta Denied Newman Based Appeal

Dear Friends, On Thursday, Judge Jed Rakoff, who participated in CounselWorks’s SummerTime Summit 2015, rejected Rajat Gupta’s request to overturn his insider trading conviction, based on the Newman ruling. Rajat Gupta was convicted in 2012 of passing illegal tips to Raj Rajaratnam and was sentenced to two years in prison. Judge Rakoff held that Newman addresses the liability of tippees […]

Court Overturns PM’s Insider Trading Convictions

December 10, 2014 Dear Friends, The U.S. Second Circuit Court of Appeals overturned insider trading convictions of two former Diamondback and Level Global portfolio managers, vacating their prison sentences. The Government failed to prove that the portfolio managers knew they were trading on inside information, or that the insiders received any benefit in exchange for their disclosures. Please click here […]

SEC Announces Enforcement Action Against Compliance Officer

Dear Friends, Yesterday, the SEC announced an enforcement action against a compliance officer for allegedly altering a trading review document.   In 2010, the SEC charged an employee with insider trading. According to the SEC, after the employee was charged with insider trading, the compliance officer altered the document to make it appear that she performed a more thorough review […]

SEC Charges Men with Insider Trading on Information From Wives

Dear Friends, On March 31, 2014, the SEC announced the following charges against two men that traded on confidential information from their wives: Tyrone Hawk overheard his wife’s work calls indicating that her company, Oracle Corp., was planning to acquire Acme Packet Inc.  Hawk violated a duty of trust when he purchased Acme Packet shares prior to the acquisition and […]