BNA INSIGHTS: Is Civil Loss Causation Applicable to Federal Criminal Sentencings?

The Supreme Court’s 2005 decision in Dura Pharmaceuticals, Inc. v. Broudo is the seminal authority on the appropriate measure of loss caused by a defendant’s fraudulent conduct in a civil securities fraud action…

U.S. SEC, DOJ Charge Former Senior Siemens AG Executives Over Alleged Argentine Bribery Scheme

The DoJ and the SEC announced parallel charges under the Foreign Corrupt Practices Act against former senior Siemens AG executives over an alleged decades-long bribery scheme to retain a $1 billion contract to produce national identity cards for Argentine citizens…

Hedge Fund Manager Rajaratnam Receives Record 11-Year Sentence On Insider Trading Charges

Former Galleon Management LLC principal Raj Rajaratnam was sentenced Oct. 13 in the U.S. District Court for the Southern District of New York to 11 years in prison—the lengthiest term ever imposed on an individual for insider trading violations…

BNA INSIGHTS: Wiretap Evidence Raises the Bar For Insider Trading Convictions Following Rajaratnam Case

The most far-reaching consequences of Raj Rajaratnam’s trial and conviction last month on the 14 securities fraud and conspiracy counts he was facing will undoubtedly result from the fact that the verdict was delivered by jurors who had listened to 45 different wiretap recordings in court…

SEC Signs First Deferred Prosecution Pact; Tenaris To Pay $8.9 Million Over FCPA Breaches

The Securities and Exchange Commission May 17 announced its first ever deferred prosecution agreement, entering into a pact with steel pipe manufacturer Tenaris S.A. (TS) over allegations that company employees bribed Uzbekistan officials to secure oil pipeline contracts…

U.S. Prosecutors May Be Emboldened by Guilty Verdict in Rajaratnam Insider Trading Trial

The May 11 guilty verdict in the insider-trading trial of former Galleon Management LLC principal Raj Rajaratnam may embolden federal prosecutors to use increasingly aggressive tactics during insider trading cases, former prosecutors told BNA May 11 (United States v. Rajaratnam…

DOJ, SEC Charge M&A Lawyer, Trader over Longrunning $32 Million Insider Trading Plot

The U.S. Attorney’s Office for the District of New Jersey April 6 charged a mergers and acquisitions attorney and a stock trader with conspiracy, securities fraud and other violations over their alleged roles in a long-running insider trading scheme…

SEC Defense Lawyers Well-Advised to Consider Criminal Exposure Early On

In the new era of cooperation between the Securities and Exchange Commission and criminal prosecutors, SEC defense lawyers should consider the possibility of criminal exposure from the outset, New York lawyer Mauro M. Wolfe, Duane Morris LLP, told BNA in a Feb. 22 interview…

SEC Scores Major Win in Dispute over Wiretaps in Hedge Fund Insider Case

In a major coup for the Securities and Exchange Commission, the U.S. District Court for the Southern District of New York Feb. 1 ordered Galleon Management LP principal Raj Rajaratnam to provide the agency with wiretap evidence obtained by prosecutors in a related criminal case for use in its civil insider trading action (SEC v. Galleon Management LP, S.D.N.Y…

SEC, U.K. FSA Allege Former Deloitte Partner Was Key to Family-Run Insider Trading Ring

The Securities and Exchange Commission Nov. 30 announced that it and the U.K.’s Financial Services Authority disrupted what they believe to be a multi-million dollar insider trading network anchored by a…

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