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Documents on white collar crime
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|Supreme Court Permits Appeal to Go Forward in LIBOR Antitrust Lawsuit|
Jennifer A. Dixon, Deirdre A. McEvoy, Harry Sandick; Patterson Belknap Webb & Tyler LLP;
March 23, 2015, previously published on January 2015On January 21, 2015, the Supreme Court decided a narrow but important issue of appellate jurisdiction in cases that have been consolidated for pretrial proceedings by the Judicial Panel on Multidistrict Litigation. A unanimous Court ruled that when a district court in the consolidated action...
|Supreme Court Rejects the Government’s “Fishy” Interpretation of Sarbanes-Oxley Obstruction Statute|
Sophie B. Kaiser, Harry Sandick; Patterson Belknap Webb & Tyler LLP;
March 23, 2015, previously published on February 2015On February 25, the United States Supreme Court issued a decision in Yates v. United States. This case involved the interpretation of Title 18, United States Code, Section 1519, a statute that was added as part of the Sarbanes-Oxley Act of 2002, and which provides that a person is guilty of a crime...
|District Court Vacates Insider Trading Guilty Pleas in Misappropriation Case in Light of Landmark Newman Decision|
Jared S. Buszin, Daniel S. Ruzumna, Harry Sandick; Patterson Belknap Webb & Tyler LLP;
March 23, 2015, previously published on January 2015On January 22, 2015, a district judge in the Southern District of New York vacated previously accepted guilty pleas in an insider trading prosecution brought under the “misappropriation” theory. The district court’s short order provides an initial look at the potential reach of...
|Second Circuit Lays Out New Rules for Restitution|
Deirdre A. McEvoy, Joseph R. Richie, Harry Sandick; Patterson Belknap Webb & Tyler LLP;
March 23, 2015, previously published on February 2015On February 6, 2015, the United States Court of Appeals for the Second Circuit decided an appeal, United States v. Cuti, which interpreted the restitution provisions of the Victims and Witnesses Protection Act (VWPA). The decision is significant because it seems to place a notable limitation on the...
|US Second Circuit Heightens the Standard of Proof Required To Sustain Tipper/Tippee Insider Trading Convictions|
Melanie M. Burke, Joseph De Simone, William Michael, Richard M. Rosenfeld, Matthew A. Rossi; Mayer Brown LLP;
February 26, 2015, previously published on December 15, 2014On December 10, 2014, in United States v. Newman, et al., the US Court of Appeals for the Second Circuit clarified the elements required to establish insider trading in tipper/tippee cases by holding that “in order to sustain a conviction for insider trading, the government must prove beyond...
|Broker-Dealer Regulation Under the New Penny Stock Disclosure Rules: An Appraisal|
Dennis Hernandez Associates PA;
February 18, 2015, previously published by Columbia Business Law Review
The over-the-counter (¿OTC¿) market serves as the primary equity market in the United States for small publicly-traded corporations. Historically, regulatory authorities and private sector analysts have failed to effectively monitor the veracity of broker-dealer transactions in this market,...
|White Collar Crime—Insider Trading|
Jeremy E. Deutsch; Norris McLaughlin & Marcus, P.A. A Professional Corporation;
February 6, 2015, previously published on December 2014The basis for imposition of tipping liability for insider trading has been clarified by the Second Circuit.
|Major Reversal of Insider Trading Convictions After Trial: Second Circuit Sets High Bar for Tippee Liability|
Jared S. Buszin, Harry Sandick; Patterson Belknap Webb & Tyler LLP;
February 6, 2015, previously published on December 2014The United States Court of Appeals today reversed the convictions for insider trading of Todd Newman and Anthony Chiasson. The Court held that the government was required to prove, but did not, that the defendants knew that the insider who disclosed the confidential information did so in exchange...
|Employer Restitution under Victim Restitution Law (MVRA) Not Offset by Employee’s Canceled Stock Options, Court Rules|
Ramsay C. McCullough; Jackson Lewis P.C.;
January 30, 2015, previously published on December 10, 2014The Mandatory Victim Restitution Act of 1996 (“MVRA”) provides that defendants convicted of crimes committed by "fraud or deceit" compensate victims for the full amount of their losses. Whether the amount of restitution may be offset if an employer-victim actually profited...
|6th Circuit Holds Applicant Is Not An “Employee” And Has No False Claims Act Cause Of Action Against Prospective Employer|
Joseph C. Toris; Jackson Lewis P.C.;
January 30, 2015, previously published on December 9, 2014On November 18, 2014, the U.S. Court of Appeals for the Sixth Circuit issued a decision dismissing an employment applicant's claims that he had been retaliated against under the False Claims Act (FCA), Environmental Reorganization Act (ERA) and four other environmental statutes. In Vander Boegh v....