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Click here to find out moreThe government has brought charges for illegal insider trading primarily under the federal securities laws, chiefly Section 10 of the Securities Exchange Act and Rule 10b-5. In a small number of cases, the government has taken a different approach -- charging insider trading in violation of not only Rule 10b-5 but also Section 1348 of Title 18. That was the case in the the high-profile SDNY prosecution in United States v. Blaszczak et al., which involved trading on the basis of confidential information about prospective changes to Medicare reimbursement rates. In that case, the defendants were acquitted on the Rule 10b-5 charges but convicted on the Section 1348 charges, even though the charges related to the same securities trading. In this program, Jonathan Sack a former chief of the criminal division in the U.S. Attorney's Office for the Eastern District of New York will discuss the evolving jurisprudence of illegal insider trading, including the different charges that may be used in insider trading cases and the implications for defense counsel.
