1-Hour Program

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The state of insider trading law has been turned upside down, after the Second Circuit’s 2-1 decision on December 30, 2019, affirming the convictions in U.S. v. Blazszack, et al (2018’s “political intelligence” insider trading trial).   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 Second Circuit’s recent decision,  in which he represented one of the appellants.

Questions that will be addressed include: 

  • How does the Government’s new theory of insider trading law (now upheld by the Second Circuit) impact market participants? 
  • Can it really be (as the Second Circuit held) that the same trading conduct can be a crime under Title 18 securities fraud or wire fraud, but not under (traditional) Title 15 securities fraud? 
  • What was the rationale of the majority decision?  Of the dissent?
  • What does the ruling mean for thirty-five years of insider trading caselaw? 
  • Will prosecutors abandon prosecutions under Title 15, and bring charges under the easier-to-prove Title 18?
  • Does this mean that the scope of liability under the criminal law is broader than under civil law? 
  • What about the Government’s theft of government information theory (also upheld by the Second Circuit)?  Can it be squared with recent Supreme Court decisions?
  • Will the panel decision survive further appellate challenge? 
  • How can market participants protect themselves in this uncertain environment?

The presentation also will address the recent insider trading legislation passed by the House of Representatives. 


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 

Credit Details

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