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The recent decision in U.S. v Newman, a criminal insider trading case against two portfolio managers, has provided much-needed clarity as to the elements of “tipper” and “tippee” liability, including what constitutes the “personal benefit” a tipper must receive to be liable for tipping information and, more important, what level of knowledge someone must possess when he or she receives information which may have been improperly tipped. While the clarity offered by the Newman case is helpful, the decision still leaves some questions unanswered.
This program, presented by Tannenbaum Helpern’s head of Governmental and Regulatory Investigations Practice, Ralph Siciliano, examines these issues, and is intended to assist investment advisers, broker-dealers, compliance officers and legal professionals in navigating the continuously evolving legal landscape in this area.
I. Understand the rules applicable to tipper and tipee liability
II. Recognize the basic rules governing Insider Trading
III. Understand the implications of U.S v. Newman
IV. Differentiate the standards of liability for SEC cases and criminal cases
V. Integrate other rules applicable to Insider Trading liability
As head of the firm's Governmental and Regulatory Investigations Practice, Ralph Siciliano represents investment advisors, private funds, broker-dealers and their associated persons, and officers and directors of publicly held companies in connection with investigations and enforcement proceedings brought by federal and state authorities and self-regulatory organizations, including the SEC, CFTC, FINRA, offices of the United States Attorney, and State Attorneys General. Having held senior enforcement positions in the New York Office of the U.S. Securities and Exchange Commission, Ralph has extensive experience dealing with federal and state regulatory agencies and self-regulatory organizations. Ralph also represents officers and directors of public companies and financial services institutions and individuals in securities-related litigations, including the defense of class actions, shareholder derivative actions and claims by bankruptcy trustees. Ralph also has served as counsel to Audit Committees and other Special Committees of the Boards of Directors of public and not-for-profit corporations in connection with corporate governance issues.
Ralph has been selected for inclusion in New York Super Lawyers for 2011-2014.
Good explanation of Newman.
Interesting review of insider trading
very informative presenter. effective and enjoyable.
Super well organized discussion.
Very informative and interesting!
One of the best faculty members to date. Very interesting and lively presentation.
really good speaker
Excellent presentation! Very appropriate for a basic understanding. Really well done.
Very good explanation of what can be a complex subject.
very good topic and well laid out for others to understand
Very well done
Excellent speaker and course. Very clear on substance and presentation.
Very good presentation
very knowledgable-learn't something helpful
The sound hiccuped a couple of times and backtracked.
Important topic, well presented.
Very careful discription of itippee-tippor nsider trading issues
Good clear stuff, including attachments!
Enjoyed the topic and the presentation.
Good overview of legal principles involved.
Smart guy and knew what he was discussing and explained it in a way that I could follow, even if I did not know the subject matter prior to his discussion.
Good nutshell explanation of case law. Good pace
Very interesting and informative program.
I particularly appreciated that the speaker was formerly at the SEC - this adds the regulator's perspective and mindset.
Great Course. One of the best.
very clear and educational
Thorough, organized, nice delivery, and timely. NYT today had front page article on Insider trading issues. Thanks again for earlier posting of materials.
So glad it was offered right before the reporting deadline.
Fascinating material, well presented.
an exceptionally fine instructor!