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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
Second Circuit Accepts Rajat Gupta’s Insider Trading Appeal
This week I spoke with Fox Business reporter Serena Elavia about the Second Circuit’s decision to grant a certificate of appealability in the Rajat Gupta insider trading prosecution. Gupta is the high-profile former McKinsey & Co. Managing Director and Goldman Sachs board member who was… Read More
Supreme Court Takes on Insider Trading “Personal Benefit” After All
Just when the Supreme Court appeared to be turning its collective attention away from the standard for insider trading convictions by denying the writ for certiorari in United States v. Newman, the Court today granted cert. in Salman v. United States, which addresses the “personal… Read More
Supreme Court Denies Review of Second Circuit’s Newman Insider Trading Decision
We’ve taken a summer (early fall?) recess here at White Collar Alert but have been jolted back into the blogosphere with the news of the Supreme Court’s denial of certiorari in United States v. Newman. We’ve written and blogged repeatedly (and here, too) about the… Read More
U.S. Government Appeals Landmark Insider Trading Decision to the Supreme Court
This guest post was authored by our colleague Rimma Tsvasman, an associate in the firm’s Litigation Department in New York. Rimma concentrates her practice on corporate and securities transactions, investment management and commercial litigation. She can be reached at rtsvasman@mmwr.com or 212-867-9500. In a highly anticipated move following a… Read More
Former Oriole Swinging for the Fences in Insider Trading Prosecution
The fallout from the Second Circuit’s decision in United States v. Newman continues and threatens to affect not just future enforcement actions, but pending prosecutions. As we have noted before, the Second Circuit in Newman required that a trader / tippee know that an insider… Read More
Government Swimming Upstream at Second Circuit Oral Argument on Downstream Insider Trading Liability
The Justice Department has been bullish over its rigorous enforcement of insider training over the past year, but on Tuesday a Second Circuit panel raised questions regarding the government’s theory of liability that led to the conviction of two “downstream” traders. Before the court was… Read More