Celesq® Attorneys Ed Center

The Law of Insider Trading: Why It Is Such a Mess

Program Number: 3085

Program Date: 05/05/2020


This program will explain the principles of the insider trading law under Section 10(b) of the Securities Exchange Act and describe why it has proven to be so difficult to apply consistently. In recent years, the underlying, conceptual problem in the law was highlighted when judges of the Second Circuit sharply disagreed with each other in two high profile cases. In U.S. v. Newman, a unanimous panel reversed the conviction after trial of two hedge fund portfolio managers, declaring that their alleged insider trading conduct was in fact not illegal. Just a few years later, in U.S. v. Martoma, a different panel of Second Circuit judges affirmed the conviction of another portfolio manager as it disagreed with the thrust of the Newman opinion. A dissenting judge in Martoma wrote a vigorous dissent accusing the majority of flatly contradicting Newman. This split remains unresolved. In a new Second Circuit opinion affirming the conviction of another trader, U.S. v. Blaszczak, the Court condoned a wholly separate avenue for insider trading prosecutions that the Government will likely pursue in the future to avoid the mess that Newman v. Martoma presents. This will likely not be the last word on this complex area of the law.

$95.00Online Audio Add to Cart

Available in states

California, Colorado Eligible, Florida, Georgia, New Jersey Eligible, New York, Texas Self Study

Credit Information

50 minute credit hour - 1.0 General CLE credit, based on a 50 minute credit hour
60 minute credit hour - 1.0 General CLE credit, based on a 60 minute credit hour

State Program Numbers


Tai H. Park, Esq.

White & Case LLP

Tai Park is a trial lawyer whose practice focuses on white collar criminal and regulatory defense, related securities class action litigation and other complex litigation. His experience includes the representation of individual executives and companies, including commercial and investment banks, accounting firms, and investment funds and their advisers, in a wide variety of criminal, regulatory and civil matters. Tai has extensive experience leading internal investigations and has served as a Monitor for major organizations.

In addition, Tai has extensive experience advising clients on complex civil litigation. He represents clients across a variety of industries, including technology, financial services, and manufacturing. Tai combines his trial skills with his deep experience as a litigator to obtain early, efficient and successful outcomes for his clients. He was one of 40 lawyers invited by the judges of the US District Court in the Southern District of New York to assist the Court in devising a pilot project for the most efficient management of complex civil litigation in the courthouse.

Tai served for ten years as a federal prosecutor in the United States Attorney's Office for the Southern District of New York, where he held various positions, including Senior Trial Counsel in the Securities & Commodities Fraud Task Force, as well as Chief of the Narcotics Unit. As a prosecutor, Tai obtained convictions in each of the many jury trials he handled and was awarded the Attorney General's Award for Distinguished Service.

Before joining White & Case, Tai was a managing partner at a boutique white collar criminal defense firm. Prior to that, he spent ten years as a litigation partner at another international law firm.

Tai is a Fellow of the American College of Trial Lawyers. He is consistently listed as an accomplished white collar defense lawyer in leading publications, including Chambers.