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ARTICLE · 16 JANUARY 2014

A Look Back At Insider Trading In 2013

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The year 2013 would have been a significant year for insider trading prosecutions even if it did not culminate in the conviction of SAC Capital Advisors LP’s Michael Steinberg and the guilty plea of SAC Capital.

United StatesCriminal Law
Michael Rosensaft
Michael Rosensaft
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The year 2013 would have been a significant year for insider trading prosecutions even if it did not culminate in the conviction of SAC Capital Advisors LP's Michael Steinberg and the guilty plea of SAC Capital. Summoning Gordon Gekko in announcing the plea, Preet Bharara, the United States attorney for the Southern District in New York, announced "Greed, sometimes, is not good."

Countering the victories in the Southern District of New York, however, the end of 2013 saw the US Securities and Exchange Commission lose its high-profile insider trading trial this year against Mark Cuban. Cuban demonstrated possibly that greed can be good by successfully convincing a jury that although he traded on insider information and avoided a loss, he simply never agreed to keep the information confidential.

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