These are some of the compliance-related stories that recently caught my attention.
An Insider-Trading Ruling that Delights Prosecutors – And One Manhattan Judge by Roger Parloff in The New Yorker
Last week, prosecutors rejoiced when the U.S. Supreme Court decided an insider-trading case called Salman v. United States, and in doing so clarified that leaking confidential information so that friends and relatives can make money in the stock market is a crime, even when the leaker doesn’t get an economic benefit. Perhaps the person most pleased with the decision, however, was not a prosecutor but a certain white-haired Manhattan judge with a neatly trimmed, white beard. [More…]
US v. Newman – Not Quite Dead Yet by Gregory Morvillo in NYU Law’s Compliance & Enforcement
Last week the Supreme Court handed down a unanimous opinion in United States v. Salman. It was a highly anticipated opinion by those of us who follow the evolution of insider trading law … and yes I recognize that following insider trading law is, at the least, a little bit geeky. Nevertheless, many observers eagerly awaited the Supreme Court’s ruling. As it turned out, the ruling was kind of a dud. [More…]
Trump’s businesses could trip insider-trading law by Isaac Arnsdorf in Politico
When Trump told the New York Times “the president can’t have a conflict of interest,” he was probably referring to the Ethics in Government Act, which exempts the president, vice president, members of Congress and judges, according to Brett Kappel, an attorney at the law firm Ackerman who specializes in politics and ethics. But the text of the STOCK Act explicitly includes the president. [More…]
This Weird United Airlines Case Just Happened by Matt Kelly in Radical Compliance
I speak of the SEC’s recent sanction against United Airlines, where the agency applied the spirit of the Foreign Corrupt Practices Act to a bribe United gave to a domestic government official here in the United States. That violation of United’s internal policies against bribery then became a books-and-records violation of the Securities Act, and presto: a $2.4 million fine against United on Dec. 2. [More…]
