4 Cases Show Growing Reach Of Federal Fraud Statutes
Law360 (March 23, 2020, 5:01 PM EDT) -- Since the U.S. Supreme Court’s decision in Dirks v. U.S. Securities and Exchange Commission, lawyers and judges alike have grappled with the precise boundaries of insider trading liability in the absence of a specific statute prohibiting trading on material nonpublic information.
A recent decision by the U.S. Court of Appeals for the Second Circuit paves the way for prosecutors to avoid that messiness by charging insider trading with a seldom-used securities fraud statute dating back to the collapse of Enron Corp. and the Sarbanes-Oxley Act: Title 18 of U.S. Code Section 1348.
In U.S. v. Blaszczak, the Second Circuit ruled that...
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