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ARTICLE · 28 FEBRUARY 2011

Insider Trading 2010: Year-End Review

Morrison Foerster
Morrison Foerster
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Morrison Foerster

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"Unfortunately from what I can see, from my vantage point as the United States Attorney here, illegal insider trading is rampant."

United StatesFinance and Banking
Jack Auspitz
Jack Auspitz
Jordan Eth
Jordan Eth
Randall Fons
Randall Fons
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Looking Back

"Unfortunately from what I can see, from my vantage point as the United States Attorney here, illegal insider trading is rampant." So said United States Attorney for the Southern District of New York, Preet Bharara, to a room packed with white collar criminal defense attorneys in October 2010.1 Because "illegal insider trading appears so prevalent,"2 both the Department of Justice and the Securities and Exchange Commission continued to generate headlines with insider trading investigations, prosecutions, and enforcement actions throughout 2010. That trend has only gathered speed in the first six weeks of 2011.

The Galleon insider trading ring may have come to light in 2009, but 2010 saw some of the most interesting issues play out, with court decisions concerning the use of wiretaps in securities fraud prosecutions, and discovery of wiretap evidence in parallel SEC enforcement actions. These decisions will likely guide regulators and defense counsel

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