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Is the DOJ and SEC War on Insider Trading Rewriting the Rules? (Video Download) |
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The Department of Justice and the SEC have declared war on insider trading. The U.S. Attorneys office in Manhattan is leading the charge in criminal enforcement with high profile prosecutions such as the Galleon insider trading cases and the expert network cases. These have been characterized by the use of so-called 'blue collar tactics,' grabbing headlines through the employment of FBI raids, wire taps, and wired informants.
The tactics have yielded a string of guilty pleas and high profile jury trial convictions with more to come. In their wake, every trader and stock analyst is jittery about what is and is not insider trading. The SEC has coordinated with these efforts, but staked out its own territory in a series of cases which have not grabbed the same kind of headlines, but which may have a more lasting effect on the law of insider trading. These cases push the edge of what is insider trading - and some commentators think they cross the edge.
Together the Manhattan U.S. Attorney and the SEC seem to be rewriting not just the manner in which insider trading cases are being investigated and prosecuted, but the very definition of insider trading. The implications for everyone are significant. For traders, analysts, and other market professionals, the question is how to fulfill their duties to clients to adequately research trades while not crossing what seems to be a shifting line.
For companies enforcing compliance programs, there are serious questions about what inside information is and how to effectively enforce their compliance programs. This program will explore current trends in DOJ and SEC enforcement and offer practical approaches to everyone caught in this new war.
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