Following the U.S. Securities and Exchange Commission’s back-to-back trial losses in two high-profile insider trading actions, SEC v. Obus (S.D.N.Y., May 30, 2014) and SEC v. Moshayedi (C.D. Cal., Jun. 6, 2014), the SEC quickly has adopted a plan intended to improve its record: the “home court strategy.”
The head of the SEC’s Division of Enforcement, Andrew Ceresney, recently announced to the District of Columbia Bar that the SEC intends to bring future insider trading cases as SEC administrative proceedings, rather than as lawsuits in federal court. “I do think we will bring insider-trading cases as administrative proceedings in appropriate cases,” he said. “We have in the past. It has been pretty rare. I think there will be more going forward.”
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