Partner Matthew Feil and Associate Andrew Serrao authored an article published in the February 2020 issue of Business Crimes Bulletin. The article, “Second Circuit Upholds Title 18 Insider-Trading Conviction Where Title 15 Elements Not Established,” discusses the recent decision of the U.S. Court of Appeals for the Second Circuit in United States v. Blasczak, holding that insider-trading under Title 18 of the U.S. Code does not involve the same “personal benefit” test the Supreme Court applied to insider-trading under Title 15 in Dirks v. SEC. Feil and Serrao note that this ruling may embolden prosecutors to charge defendants more aggressively with insider trading under Title 18, although prosecutors will likely still have to show a defendant defrauded a victim of “property” under 18 U.S.C. §1348.
Read the article.