Insider Trading

* Law student sends naked selfie to her father. Hilarity ensues. [Inside Edition]

* “Is insider trading bad?” Asking for a friend. [The Atlantic]

* Judge catches law firm cheating on the page limit. Apparently, Judge Carl Barbier was well-versed in the “slightly less than double-spaced” trick. [NPR]

* What’s the matter with (statutory interpretation in) Kansas? [KSN]

* You may have heard that technology is going to gut the market for low-level lawyering. If not, here’s a wakeup call. [Forbes]

* This year’s MacArthur genius grant recipients. Is your name on the list? SPOILER: No. But a William Mitchell Law professor is. [New York Times]

* Steve Klepper’s fair-minded and favorable review of Lat’s forthcoming book, Supreme Ambitions (affiliate link). [Maryland Appellate Blog]

* Uh oh! The Second Circuit is having a copy/paste problem in that it copied and pasted the wrong legal standard into twelve of its immigration opinions from 2008 to 2012. Embarrassing. [WSJ Law Blog]

* Am Law named the grand prize winners of the magazine’s Global Legal Awards for the best cross-border work in corporate, finance, disputes, and citizenship. Was your firm honored? [Am Law Daily]

* An attorney at this Louisiana law firm was apparently attacked by a co-worker’s husband who claimed that the lawyer was behind his cuckolding. We may have more on this later. [Louisiana Record]

* A computer systems engineer at Wilson Sonsini has been charged with insider trading. This is the second time in three years that an employee from the firm has been charged with this crime. [Bloomberg]

* The best way to navigate common mistakes in the LSAT logical reasoning section is to display your logical reasoning capabilities by not taking the LSAT right now. [Law Admissions Lowdown / U.S. News]

Judge Jill Pryor

* Mathew Martoma, the former Harvard law student who fabricated his transcript when applying for clerkships, gets nine years in prison for insider trading. [DealBook / New York Times]

* If Bingham McCutchen moves forward on merger talks with Morgan Lewis, a bunch of Bingham partners might bail. [American Lawyer]

* Congratulations to Judge Jill Pryor, who will join Judge Bill Pryor on the Eleventh Circuit. [Fulton County Daily Report]

* Can you be fired for medical marijuana in Colorado, where the drug is legal even for recreational purposes? [ABA Journal]

* Dewey have some good news for the embattled ex-leaders of the defunct law firm? [New York Law Journal]

* Home Depot is the latest major retailer to be hit by a data breach. [Washington Post]

Rengan Rajaratnam and Dan Gitner

It’s bad luck to get a haircut during trial.

Daniel Gitner of Lankler Siffert & Wohl, commenting on one of the personal grooming superstitions he forces those staffing cases with him to adopt. Gitner recently broke U.S. Attorney Preet Bharara’s winning streak in the successful prosecution of insider trading cases when his client, Rengan Rajaratnam, was acquitted. Gitner cut his hair after the trial concluded.

Insider trading is one of those activities that you should avoid. If you’re a lawyer, it’s an activity you should definitely avoid. It’s not really all that hard to steer clear of insider trading either. Obviously there are some murky cases, but it’s wise to err on the side of caution.

On the other hand, there are also cases where the SEC says a close friend of a company’s executive is emailing you and telling you which days to buy because “[e]arnings are being released on the 30th along with some good news,” and “[l]ooking forward to getting paid back. Good luck…. SHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!” Those are the cases where you probably should walk away.

Put aside the insider trading: what lawyer is using email to have these conversations?

double red triangle arrows Continue reading “Biglaw Partner Charged With Insider Trading On The Golf Course”

I don’t want to minimize my guilt, as a lot of people here do. But [I] didn’t need a sentence that matches what people get for killing people or for raping people.

Matthew Kluger, formerly of Wilson Sonsini, commenting on the harshness of his 12-year sentence for insider trading, the longest sentence “ever meted out” in such a case. Kluger currently resides at “Club Fed.”

Time Magazine cover boy Preet Bharara

In the federal criminal world, there are certain cases where the government almost always wins.

Illegal reentry for a previously deported person, for example, is pretty close to a lock for a government win — all the government has to show is that the person isn’t a citizen, was previously deported, and is in the United States again. If the dude’s in the courtroom, the government is a third of the way there. For example, in the last fiscal year, there were 20,840 folks charged with illegal reentry.  Four of them were acquitted at trial.

Similarly, bank robbery is a high-percentage game for the government. These days, most banks have amazing technology that lets them record pretty much everyone inside. Last fiscal year, 896 people were charged with bank robbery. One lucky guy was acquitted.

These days, federal law enforcement is using wiretaps and, according to the Wall Street Journal, old-school sting operations, to go build white-collar cases (it’s a pretty cool article — very cloak and dagger). The strategies that got the federal government the conviction rate it has in drug and gun cases are being applied to investment fraud and insider trading cases.

This is one reason that insider trading cases have looked like as much of a layup as a bank robbery case. The U.S. Attorney’s Office in the Southern District of New York has secured a record of 85 convictions in either guilty pleas or trials without a single loss.

Until this week….

double red triangle arrows Continue reading “The Trouble With Insider Trading Prosecutions”

* Alan Jacobs, Dewey’s bankruptcy trustee, says his clawback suit shouldn’t be stayed during the defendants’ criminal cases — after all, he doesn’t want their assets to dry up while they “scramble to defend themselves.” [New York Law Journal]

* Rengan Rajaratnam, Raj Rajaratnam’s little brother, was acquitted in his insider trading conspiracy case. It’s the first defeat in Preet Bharara’s financial crackdown against hedge funds. Tough break, dude. [DealBook / New York Times]

* Sore loser? Andrew J. Weinstock, the public defender who got into a fight with Judge John “I’ll Just Beat Your Ass” Murphy, resigned from his position in protest of the judge’s return to the bench. [WSJ Law Blog]

* There are many things nontraditional applicants should ask before going to law school, including, but not limited to, whether they’ll ever be able to find employment after graduation. [U.S. News & World Report]

* Oscar Pistorius’s attorney closed his defense of his client in the ongoing murder trial, and Judge Thokozile Masipa has adjourned all arguments in the controversial case until next month. [Bloomberg]

* While you weren’t looking, Phil Mickelson was cleared of insider trading of Clorox options. How does Lefty get his reputation back? Shooting better than 70 at Pinehurst would help. [mitchellepner]

* Lat reviews The Good Lawyer (affiliate link) by Douglas O. Linder and Nancy Levit. [Wall Street Journal]

* Canada grants asylum to Florida sex-offender. Maybe Canada can give a hand to Crystal Metheny. [National Post]

* Lawyer charged with stealing from clients defends himself: “[Wife] had become accustomed to a lavish lifestyle that generated living expenses of $40K per month.” Well then! [Seattle Post-Intelligencer]

* Can President Obama just raise taxes unilaterally? Apparently so. [DealBook / New York Times (gavel bang: TaxProf Blog)]

* So as I read this, someone who definitely bought prostitutes to influence people is accusing someone else of allegedly buying prostitutes to influence people. [Forbes]

* How to make the most of your summer associate experience and not screw up spectacularly (though if you choose to screw up spectacularly, please do it in a reportable way). Video below… [Mimesis Law]

double red triangle arrows Continue reading “Non-Sequiturs: 06.13.14″

* Crim Law exam features Fifty Shades of Grey prequel as fact pattern. [Legal Cheek]

* You’d think being in jail would be a pretty good alibi. But that’s not the Chicago Way! [Overlawyered]

* How many law professors have wished they could say this before? “Don’t give me any of your s**tty papers and you get an A.” [Critical-Theory via TaxProf Blog]

* Lawyer powerlifting to raise money for mentoring programs. Because donating to charity is more fun when it comes with the risk of severe groin injuries. [Chicago Tribune]

* U.S. News has a list of ways being a paralegal first can help with law school. It’s dumb. There’s only one reason paralegal experience helps and that’s to meet practicing lawyers and figure out whether or not law school is even worth it. [U.S. News]

* In the past, Professor Nancy Leong was accused of narcissism. But she doesn’t seem to be attention-seeking at all based on this publicly posted shot. Maybe she can post that on Ashley Madison and see what happens… [Instagram]

* Regulating imports could drastically improve labor conditions around the world (and potentially bring more jobs back home). But that could curtail profits by a smidgeon so let’s table that discussion. [Lawyers, Guns & Money]

* A former AUSA on the Phil Mickelson/Carl Icahn insider trading case and wiretaps. [mitchellepner]

* John Oliver made a powerful appeal to the Internet to take action in defense of Net Neutrality. If you want to know what you can do (or don’t even understand the issue) and laugh at the same time, the video is embedded below… [Huffington Post]

double red triangle arrows Continue reading “Non-Sequiturs: 06.02.14″

Page 1 of 912345...9