1-Hour Program

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The state of U.S. insider trading law has been upended again, after the U.S. Supreme Court on January 11, 2021 vacated the Second Circuit’s 2-1 Blazszack decision.  What happens next, now that the Second Circuit’s decision, which had affirmed the convictions in US v. Blazszack, et al (2018’s “political intelligence” insider trading trial), has been vacated and remanded for reconsideration?   What can we expect at oral argument in April 2021?   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 relating the Blazszack case, in which he represents one of the appellants.

Questions that will be addressed include: 

  • How does the Government’s pursuit of a new theory of insider trading law impact market participants? (10 minutes)
  • Why did the Supreme Court vacate the Second Circuit’s decision?  What were the arguments of the appellants and the Government?  Why is the definition of “property” so important, and how does that make sense in the context of insider trading?  Are there First Amendment implications to how the Government charges insider trading? (15 minutes)
  • What arguments have been made by the Government and the appellants in their briefs before the Second Circuit?  What has been argued by amici? What can we expect at oral argument in April? (15 minutes)
  • How will this impact the kind of charges prosecutors will bring in insider trading cases?  Will they continue to bring charges under the easier-to-prove Title 18 theory? (5 minutes)
  • How can market participants protect themselves in this uncertain environment? (10 minutes)

The presentation also will address the recent March 2021 securities fraud charges brought by the SEC against a defendant alleged to have pretended to have inside information, and to have sold that not-inside information to others (the victims?), who thought they were buying real inside information. (5 minutes)


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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