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Jul 28

SCOTUS to Clarify Protections for Securities Fraud Whistleblowers

This guest post was authored by Bianca Valcarce, a summer associate with Montgomery McCracken. The Supreme Court of the United States has agreed to review the Ninth Circuit’s decision in Digital Realty Trust, Inc. v. Somers and address the apparent tension between two provisions of the… Read More

Jul 20

Fifth Amendment Concerns Result in Overturned Convictions in First Criminal LIBOR Appeal

The Second Circuit yesterday became the first court of appeals to address a criminal appeal regarding the government’s investigation into the manipulation of the London Interbank Offered Rate (“LIBOR”). Its decision in United States v. Allen reversed the convictions of two former Rabobank employees accused… Read More

Jul 13

Second Circuit Vacates Sheldon Silver’s Conviction: Parsing Official Act “Quids” and “Quos”

Today, the Second Circuit Court of Appeals vacated the conviction of Sheldon Silver, the former Speaker of the New York State Assembly, concluding that the court’s jury instructions regarding the “official act” element of honest services fraud and Hobbs Act extortion were erroneous in light… Read More

Dec 07

Insider Trading and Brotherly Love at the Supreme Court

Yesterday, the Supreme Court of the United States decided Salman v. United States, wading into the “personal benefit” requirement necessary to establish criminal insider trading liability.  Justice Alito, writing for a unanimous Court, didn’t think the question presented was particularly difficult, stating that the Court’s… Read More

Nov 28

First Circuit Confronts Perils of Non-Custodial Interrogation in Fraud Prosecution

Miranda warnings are one of those things most lawyers and non-lawyers alike know something about. Most know we enjoy a right under the Fifth Amendment and Miranda v. Arizona, 384 U.S. 436 (1966), to be told before being taken into custody that we need not… Read More

Jul 18

Prosecutorial Discretion under the CFAA Gets More Discretionary: US v. Nosal

This guest post was authored by our colleague Jeremy D. Mishkin, partner and co-chair of the Litigation Department of Montgomery McCracken.  The Computer Fraud and Abuse Act, 18 U.S.C. § 1030 (“CFAA”), has become increasingly popular both for civil actions and criminal prosecutions involving hacking or… Read More

May 19

Mickelson Seeks Relief from Insider Trading Hazard

Almost two years ago, the Wall Street Journal and New York Times first reported an insider trading investigation involving sports gambler William “Billy” Walters and pro golfer Phil Mickelson.  At the time, the investigation appeared to focus on trading activity surrounding a potential take-over bid… Read More

Mar 31

Supreme Court: Courts Cannot Bar Use of Untainted Assets to Mount Criminal Defense

In a decision of significant importance to the white-collar world, the United States Supreme Court held yesterday that the Sixth Amendment right to counsel extends to permit those accused of crimes to use their “untainted” personal assets to fund their defense. Put another way, this… Read More

Feb 25

Seventh Circuit Finds Clear Error on Loss Calculation in Trade Secrets Sentencing

The Seventh Circuit Court of Appeals on Wednesday found clear error in the sentencing of a quantitative finance professional who pleaded guilty to unlawfully possessing and transmitting trade secrets.  The defendant, twenty-eight year old Yihao Pu, stole expensive and proprietary high-speed securities trading software with… Read More

Feb 24

Former Texas Governor Rick Perry’s Indictment Dismissed as Unconstitutional

Today, the Texas Court of Criminal Appeals held that the prosecution of former Texas Governor Rick Perry was as much an “oops” as his own slip that famously felled his 2012 Presidential campaign.  The court remanded the case to the district court with orders to… Read More