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,[1] 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,[2] the Second Circuit ruled that...

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