On December 6, 2016, the U.S. Supreme Court issued its long-awaited ruling in Salman v. United States. In a unanimous opinion, the Supreme Court adhered to its 1983 decision in Dirks v. SEC, 463 U.S. 646, and held that a tippee is liable for trading on inside information when the tipper “personally will benefit directly, … Continue Reading
In a widely anticipated decision, the Second Circuit on Wednesday clarified the standard for insider trading actions against tippees, downstream recipients of inside information who trade on that information. The court overturned the criminal convictions of two hedge fund portfolio managers who were convicted in 2013 as part of a massive sweep by New York … Continue Reading
The top story in the UK media today is about alleged corruption in English football. Someone said to be a “fixer” for betting syndicates was secretly recorded boasting that the results of English lower-league matches and even international matches could be bought, once the price was right. Six people, including three players, have been arrested … Continue Reading
On August 1, 2013, the Second Circuit affirmed Samarth Agrawal’s criminal convictions for violating both the National Stolen Property Act (NSPA) and the Economic Espionage Act (EEA) after he misappropriated SocGen’s high-frequency trading code at the time he was leaving the company. The Second Circuit’s decision in Agrawal is puzzling if not downright shocking to … Continue Reading
This post was also written by Shannon Voll Poliziani. A crucial decision in most federal “white collar” criminal investigations is whether to “proffer” to the government – to engage in an off-the-record, question-and-answer session with the prosecutor and investigating agent in the hopes of getting immunity, a plea deal, or no charge at all. Because … Continue Reading
This post was written by Matthew R. Sheldon and Alexander Y. Thomas. The Second Circuit Court of Appeals is reviewing a lower court decision disqualifying a former in-house attorney from acting as a False Claims Act qui tam relator against his former employer. The relator was formerly general counsel to Unilab, a subsidiary of Quest … Continue Reading