News & Analysis as of

Insider Trading

Morgan Lewis

Securities Enforcement Roundup – August 2025

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In this issue of our monthly Securities Enforcement Roundup, we highlight top securities enforcement developments from August 2025. ...more

Venable LLP

Trading in the Shadows: Insider Trading Policies Post-Panuwat

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"Shadow trading" refers to the use of material, nonpublic information (MNPI) about one company to trade in the securities of a different, "economically linked" company, such as a competitor or business partner. ...more

Saul Ewing LLP

Public Companies Quarterly Update (Q2 2025)

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Welcome to Saul Ewing's Public Companies Quarterly Update series. Our intent is to, on a quarterly basis, highlight important legal developments of which we think public companies should be aware....more

Ballard Spahr LLP

Despite SEC's Sophisticated Methods of Detection, Insider Trading Continues in the Life Sciences Industry

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Many publicly traded companies in the life sciences industry are involved in the development of new drugs, devices, diagnostics, and medicines. These drugs and other life science products are subject to the FDA regulatory...more

Morrison & Foerster LLP

Top 5 SEC Enforcement Developments for July 2025

Each month, we publish a roundup of the most important SEC enforcement developments for busy in-house lawyers and compliance professionals. This month, we examine the following matters: • An SEC complaint alleging a Georgia...more

DLA Piper

Blockchain and Digital Assets News and Trends – August 2025

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This periodic bulletin is designed to help companies identify important legal developments governing the use and acceptance of blockchain technology, smart contracts, and digital assets....more

Sheppard Mullin Richter & Hampton LLP

Second Circuit Vacates Fraud Conviction in First Crypto “Insider Trading” Case

In United States v. Chastain, No. 23-7038, 2025 WL 2165839 (2d Cir. July 31, 2025), the United States Court of Appeals for the Second Circuit vacated wire fraud and money laundering convictions in what the government...more

Womble Bond Dickinson

Can a Whistleblower Derail a Deferred Prosecution Agreement?

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A recent whistleblower suit could impact a company’s deferred prosecution agreement (“DPA”) potentially leading to further investigation by DOJ and additional penalties. A whistleblower suit was recently filed in the New...more

Akin Gump Strauss Hauer & Feld LLP

Recent Developments in the Law of Federal Property Fraud: It’s a Long and Winding Road

In two recent high-profile decisions, Chastain v. United States and Johnson v. United States, the U.S. Court of Appeals for the Second Circuit reversed wire fraud convictions that were based on theories resembling insider...more

Perkins Coie

Second Circuit Narrows Scope of Federal Criminal Fraud Statute in NFT “Insider Trading” Case

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In United States v. Chastain, a split panel of the Second Circuit recently vacated the convictions of a former executive of an NFT marketplace who had been charged with misusing confidential information to trade NFTs for...more

DLA Piper

Second Circuit Vacates NFT “Insider Trading” Conviction, Clarifies Property Requirement for Wire Fraud

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The US Court of Appeals for the Second Circuit has vacated the conviction of Nathaniel Chastain, a former employee of non-fungible token (NFT) marketplace OpenSea. Chastain had been convicted of wire fraud and money...more

Seward & Kissel LLP

Second Circuit Vacates Former OpenSea Employee’s “Insider Trading” Conviction

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On June 1, 2022, the U.S. Attorney’s Office for the Southern District of New York charged former OpenSea employee Nathaniel Chastain with wire fraud1 for an NFT “insider trading” scheme. At the time, we here at SKrypto asked:...more

A&O Shearman

Second Circuit Vacates Wire Fraud Conviction For “Insider Trading” On NFTs

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On July 31, 2025, a divided panel of the United States Court of Appeals for the Second Circuit issued an opinion vacating the wire fraud and money laundering convictions of a former manager of a marketplace for non-fungible...more

Snell & Wilmer

SEC Enforcement Activity in the Second Quarter of 2025: The Start of the Back-to-Basics Atkins Era

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Paul Atkins was sworn in as SEC (Securities and Exchange Commission) Chairman on April 21, 2025. In a staff town hall meeting on May 6, 2025 he articulated a statement of purpose for the Enforcement program: “Investor...more

Thomas Fox - Compliance Evangelist

Daily Compliance News: August 1, 2025, The All AI Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen in to the Daily Compliance News....more

Thomas Fox - Compliance Evangelist

10 For 10: Top Compliance Stories For the Week Ending, August 2, 2025

Welcome to 10 For 10, the podcast that brings you the week’s Top 10 compliance stories in one podcast each week. Tom Fox, the Voice of Compliance, brings to you, the compliance professional, the compliance stories you need to...more

Bass, Berry & Sims PLC

(Insider) Trading under a Rule 10b5-1 Plan

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In June 2025, Terren Scott Peizer, the former chief executive officer, executive chairman and chairman of the board of directors of Ontrak, Inc. (Ontrak), was sentenced to 42 months imprisonment, ordered to pay a $5.25...more

Thomas Fox - Compliance Evangelist

Daily Compliance News: July 31, 2025. The Forgotten Generation Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen in to the Daily Compliance News....more

Cooley LLP

The Life of Former SEC Chair (and Corp Fin Director) Manny Cohen

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Recently, I blogged about the 20 Corp Fin Directors we’ve had at the SEC (we haven’t heard yet who will be the new Corp Fin Director) – and it got me thinking about Manny Cohen, whom many of us don’t know much about since he...more

Vinson & Elkins LLP

Small Gains Yield Big Pain: How a $2,400 Profit Triggered an SEC, FBI, and FINRA Cavalry

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On July 11, 2025, the Securities and Exchange Commission (“SEC” or the “Commission”) announced that it had settled an enforcement action against two individuals who were alleged to have engaged in insider trading. The SEC’s...more

BCLP

Proceed at Your Own Risk: Steps to Protect Confidential Information and Public Disclosures

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Public companies regularly face challenges in protecting confidential information relating to material announcements of corporate developments as well as financial results and other events. For example, recently, the U.S....more

Bradley Arant Boult Cummings LLP

SEC Enforcement in the Second Quarter of 2025

In May 2025, we summarized the U.S. Securities and Exchange Commission’s (SEC) Division of Enforcement activity during the first quarter of the new presidential administration. With the second quarter now concluded, and Paul...more

Secretariat

Reflections on Initial SEC Policy Changes Early in the Atkins Era

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Since Paul Atkins became Chairman of the U.S. Securities and Exchange Commission (SEC) on April 21, 2025, the SEC has announced significant pivots in its approaches to enforcement, regulatory guidance, investment adviser...more

McGlinchey Stafford

Former CEO Sentenced in Historic Insider Trading Case Under Rule 10b5-1

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On June 23, 2025, U.S. District Judge Dale S. Fischer of the Central District of California sentenced a former Chairman and CEO of a behavioral healthcare company to 42 months in federal prison. This conviction represents the...more

White & Case LLP

FCA finds evidence of unusual trading ahead of 38% of takeover announcements

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In its latest annual Market Cleanliness report published yesterday, the Financial Conduct Authority (FCA) has found that 38% of UK takeover targets in 2024 experienced an abnormal increase in their share price in the two days...more

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