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The state of insider trading law has been scrambled yet again, after the split verdict in 2018’s "political intelligence" insider trading trial and after the 2nd Circuit’s amended decision in Martoma II. Practitioners and market participants alike are left wondering how to determine the boundaries between legal and illegal conduct.
Register and hear from Allen & Overy LLP partner Eugene Ingoglia, who prosecuted insider trading cases as an Assistant U.S. Attorney in the Southern District of New York, including the trial of Mathew Martoma in the largest-dollar insider trading scheme prosecuted to date, and who as a defense attorney has defended clients in recent insider trading investigations and trials. Mr. Ingoglia will address questions around the current state of the law, including questions arising from the recent "political intelligence" trial, at which he represented one of the defendants.
Questions that will be addressed include:
- How does the Government’s new theory of insider trading law impact market participants?
- Can it really be that insider trading is a crime under Title 18 securities fraud but not under (traditional) Title 15 securities fraud?
- What does that mean for thirty-five years of insider trading caselaw?
- Does this mean that the scope of liability under the criminal law is broader than under civil law?
- Do recent DOJ publications indicate that the Government has embraced charging insider trading, and other securities frauds, under Title 18 rather than Title 15?
- Will the Government’s theory at trial be sustained on appeal?
- Can you be guilty of insider trading on information you receive that turns out to WRONG?
- Can you be guilty of insider trading for trading on information you received that was published and distributed to others?
- How can market participants protect themselves in this uncertain environment?
The presentation will also address the recent 2d Circuit Martoma decision, and discuss whether and how it can be squared with Dirks and other Supreme Court precedent.
Program Level: Update
Intended Audience: Outside counsel, in-house attorneys, government lawyers, compliance officers, and other professionals
Prerequisites: An interest in securities prosecution, regulation and compliance, especially concerning securities trading
Advanced Preparation: None