This past June the U.S. Department of Justice (DOJ) secured its first insider trading conviction relating to the defendant’s use of a Rule 10b5-1 trading plan. The jury’s verdict in United States v. Peizer marks a major milestone in securities law enforcement. In particular, the Peizer case puts pressure on the defense that 10b5-1 plans provided corporate insiders. Separately, the verdict suggests a new era of enforcement priorities and tactics, and provides instructive insights for practitioners and professionals.