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The Government's New Tool Against Insider Trading

In two recent criminal cases involving insider trading based on non-public information from government agencies, prosecutors in the Southern District of New York have resurrected an old statute for a new purpose. The novel use of a 19th century statute arms the government with a new and potent weapon for prosecuting insider trading cases.

Understanding Joint Defense Agreements: The Implications for White-Collar Defendants in the Second Circuit

The potential benefits of a JDA in most criminal investigations are self-evident. Oftentimes, the risks are less apparent. Considering and addressing the pitfalls at inception is something all prudent defense counsel should do.

Substantial Differences in Substantial Assistance Within the Second Circuit

District judges can vary from the U.S. Sentencing Guidelines for almost any reason, but the most common path to a sentence significantly below the Guidelines range is a downward departure under Guideline §5K1.1, which is the primary vehicle by which a criminal defendant's cooperation with federal authorities—his “substantial assistance”—is incentivized and rewarded. The basic procedure is the same in every district. Yet cooperation yields different results depending on the district.

Insider Trading Enforcement Intensifies Across Markets and Regulators

The development of both derivatives- and securities-centric task forces to address insider trading signals intensified regulatory focus on this area of law across financial markets.

Are We Boring Juries to Death? The Delivery of Federal White-Collar Jury Instructions Should Be Criminal

While concerns about whether jurors understand the laws they must apply arise in all trials, it is perhaps most important in the context of criminal cases where the parties need jurors to have the requisite knowledge to fairly and intelligently discharge their duties when a defendant's liberty is at issue.