LexisNexis® Legal Newsroom
SEC Secures Freeze of $4.6 Million in “Suspicious” Trading Profits

“Money Never Sleeps” is the subtitle to the last Wall Street film staring Michael Douglas as the legendary stock trader Gordon Gekko. That title might also be applied to the SEC’s insider trading watch dogs. While most were preparing for the Fourth of July holiday on Wednesday, they...

Insider Trading: Is the SEC Eliminating the Element of Deception?

Insider trading prohibitions are based on Exchange Act Section 10(b). That statute requires proof of deception to establish a violation. Absent deception there is no violation of Section 10(b) and no insider trading. Under the classic theory of insider trading deception is supplied by a corporate...

Two SEC Insider Trading Cases Involving Spouses

The SEC filed two settled insider trading cases in which the husband is alleged to have misappropriated inside information from his wife. In each instance the husband understood he was not to trade. Yet in each case the husband traded and profited. In each case the husband settled with the Commission...

SEC ALJ: No Sanction For Compliance Official Who Violated Statute

Amid all the concern regarding the selection by the SEC of an administrative rather than a district court forum for bringing agency enforcement action comes a decision which has the potential to change the tenor of the debate, at least temporarily. Administrative Law Judge Cameron Elliot issued an Initial...