In April 2024, the SEC prevailed on insider trading charges against Matthew Panuwat, relying for the first time on a theory known as “shadow trading.” Nick Morgan of ICAN and Steve Cazares of Orrick join the inSecurities podcast to discuss an amicus brief ICAN submitted in the Panuwat litigation, policy arguments against the “shadow trading” theory of liability, and the future of “shadow trading” cases for the SEC and DOJ.
Please note: CLE and CPE credit are not offered for listening to this podcast, and the views and opinions expressed within represent those of the speakers and not necessarily those of PLI.
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Featured in this Episode
Nick Morgan
Nicolas Morgan is a partner in the Investigations and White Collar Defense practice.
He focuses his practice on complex securities litigation in state and federal courts and representations involving government investigations and white-collar crime allegations levied against individuals and businesses. In the course of his practice, he routinely represents securities issuers, company officers and directors, investment funds, analysts, and brokers in connection with SEC and Financial Industry Regulatory Authority (FINRA) investigations, litigation, and arbitration. Mr. Morgan also counsels public companies, funds, and broker-dealers on securities compliance and corporate governance; conducts internal investigations; and assists in regulatory examinations initiated by the SEC’s Division of Corporate Finance and Office of Compliance Inspections and Examinations.
Mr. Morgan also previously served as Senior Trial Counsel in the SEC’s Enforcement Division. During his time there, he served as lead counsel on a wide variety of litigated matters including prosecution of insider trading, investment adviser fraud, revenue recognition fraud, broker/dealer fraud, mutual fund market timing, and market manipulation. Mr. Morgan also served as a Special Assistant U.S. Attorney for the Southern District of California.
Steve Cazares
Steve helps guide executives and corporate clients through the complicated world of federal and state civil and criminal regulatory and enforcement matters. Steve represents clients under investigation and prosecution by the U.S Department of Justice, Securities and Exchange Commission, Food and Drug Administration, and other federal and state regulators relating to alleged violations of the securities laws, Foreign Corrupt Practices Act, False Claims Act, federal health care regulations including the Clinical Laboratory Improvement Amendments of 1988 and Stark anti-kickback provisions, anti-money laundering regulations, well as federal antitrust matters. Steve also conducts internal investigations for clients including those resulting from internal whistleblower allegations.
