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Asset 3

SEC Subpoenas Lead to Government Power Struggle

An SEC insider trading investigation is testing the Commission’s power to subpoena information from another branch of government under the 2012 Stop Trading on Congressional Knowledge Act (“STOCK Act”). In April 2013, the SEC began investigating allegations that a staffer on the House Ways and Means Committee on Ways and Means leaked nonpublic, confidential information […]

SEC Rains on “Golf Buddies” Insider Trading Ring

A round of golf is the perfect opportunity to converse with friends. But as a group of amateur golfers recently discovered, offering a fellow player an insightful tip on his swing may cost you the round, but offering a fellow player an insider tip on a stock may cost much more. On July 11, 2014, […]

Wyly Brothers Found Liable in SEC Fraud Case

On Monday, a New York federal jury found that Sam Wyly and his late brother Charles Wyly Jr. committed civil fraud by hiding share holdings in offshore trusts for over 13 years. The SEC sued the Wylys in 2010, after a six-year investigation.  The SEC alleged that the brothers used trusts and other entities in […]

SEC Urges Cooperation with First Individual Non-Prosecution Agreement

Last week, the SEC for the first time entered into a non-prosecution agreement with an individual involved in an insider trading scheme.  In 2011, eBay  held talks with executives of the e-commerce marketing services company GSI Commerce, Inc. (“GSIC”) regarding  an acquisition  of GSIC by eBay.  GSIC’s CEO, Christopher Saridakis, tipped several friends, who made more than […]

What You Can Expect from the SEC in 2014

In the coming year, you can count on the SEC to (i) continue to distance itself from its “no admit, no deny” policy- where it typically did not require individuals or entities to admit wrongdoing in order to enter settlement – in favor of securing more admissions of guilt in settlements involving large numbers of […]

Insider Trading 2.0: The Expanded Definition of Insider Trading

Insider trading focuses on the impropriety of obtaining and trading on material nonpublic information, or providing such information to another person in breach of a duty of trust and confidence. Recently, however, Eric T. Schneiderman, the New York State Attorney General, vowed to expand that definition to include what he calls “insider trading 2.0.”  By cracking […]