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Mark Twain On Insider Trading

"Is there anything whereof, it may be said, See, this new?"
 
Roughing It is Samuel L. Clemens' highly engaging account of his time vagabondizing in Nevada, California and Hawaii. The book contains a great deal of information about "the rise,...

Insider Trading

Judge Rules Internal Affairs Doctrine Governs California Insider Trading Statute

As I have mentioned on numerous occasions, California has its own insider trading statute - California Corporations Code Section 25402.  The statute is included in the California Corporate Securities Law of 1968.  In general, the jurisdiction of...

California Securities Laws, Friese v. Superior Court, derivative, In re Sagent Technology, Insider Trading, internal affairs doctrine, Jon Tigar, Section 2116, Section 25402, Wells Fargo

Does The SEC Have Exposure For Tipping Inside Information?

Yesterday, I discussed the recent hack of the Securities and Exchange Systems' electronic filing and retrieval system commonly referred to as EDGAR.  In a written statement disclosing the hack, Chairman Jay Clayton speculated that the incident may...

hack, hacking, reckless, scienter, SEC v. Obus, Securities Litigation, EDGAR, Insider Trading, personal benefit

Hacking EDGAR And Insider Trading

SEC Chairman Jay Clayton launched a sea of news stories last week when he included the following five sentence in a statement on cybersecurity:

Notwithstanding our efforts to protect our systems and manage cybersecurity risk, in certain cases cyber...

hacker, hacking, misappropriation theory, Second Circuit, Section 10(b), SEC, Securities Litigation, 574 F.3d 42, classical theory, Insider Trading, Rule 10b-5, SEC v. Dorozhko

Something Appears To Be Awry With California's Insider Trading Statute

I trust that by now most quotidian readers of this blog should be familiar with Corporations Code Section 25402 which declares insider trading to be unlawful.  Although the statute has been on the books since the enactment of the Corporate...

California Securities Laws, Corporate Securities Law, Samuel Clemens, Insider Trading, Mark Twain, Roughing It, Section 12, Section 25401, tarantulas

Did The Co-Founder Of Alcoholics Anonymous Violate Rule 10b-5?

Recently, I enjoyed watching My Name is Bill W., a 1989 movie that starred James Woods, JoBeth Williams and James Garner.  The film tells the story of Alcoholics Anonymous co-founder William Griffith Wilson (aka Bill W.).  In telling his story, the...

Enforcement & Investigations, Salman v. U.S., tippee, Securities Litigation, 463 U.S. 646, Dirks, fiduciary duty, Insider Trading, tipper, William Griffith Wilson

Insider Trading Is Like A Dog Named "Stay"

Insider trading cases remind me of the following joke attributed to stand-up comic Steven Wright:

I bought a dog the other day. I named him Stay. It's fun to call him. "Come here, Stay! Come here, Stay!" He went insane.

Regulation of insider...

Enforcement & Investigations, Salman v. U.S., bassam salman, Insider Trading

False Statements By Money Managers Support California Commodity Law Convictions

In 1990, California enacted the California Commodity Law, Stats. 1990, Ch. 969, Corp. Code § 29500 et seq.  Although this law hasn't attracted the attention of legal writers, it has some very sharp teeth, as illustrated by the recent case of People...

forex, People v. Martinez, California Commodity Law, commodity, foreign exchange, Insider Trading, Investment Advisers, justice Terry B. O'Rourke, Section 25402, Section 29500, Section 29536, Yahoo

Why Bassam Salman Should Not Have Been Convicted

A lot of ink has been spilt on the United States Supreme Court's decision in Salman v. United States, 137 S. Ct. 420 (2016).  In that case, the Supreme Court upheld the criminal conviction of Mr. Bassam Salman who received lucrative trading tips...

Enforcement & Investigations, Salman, Salman v. U.S., Blue Chip Stamps v. Manor Drugs, Insider Trading, Milton Freeman, Rule 10b-5, Section 25402

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30172DBAB0084D3A8F39D7AF0A8E79BC.ashxKeith Paul Bishop
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