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In United States v. Trovias, in a first of its kind prosecution, the Southern District of New York (SDNY) brought an insider trading case against Apostolos Trovias for selling inside information on the Dark Web. Unsurprisingly, the Securities and Exchange Commission (SEC) also brought a civil regulatory action against Trovias for the same conduct. In a rare move, however, SDNY and SEC charged this same conduct under different insider trading statutes. This difference underscores the legal complexities involved when the origin of inside information in the digital world is unknown. It also highlights the desire of both agencies to be aggressive in applying insider trading laws to crimes involving modern technologies. Ultimately, these cases show that the government will be active in policing the use of technology for insider trading, including through messaging apps and social media.
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Repairing the Foreign Agents Registration Act
By Harry Sandick and George Carotenuto
In recent years, mostly due to the well-publicized prosecution of Trump campaign manager Paul Manafort, FARA has become more of a focus for federal prosecutors. As a result, white-collar attorneys have been consulted more often about whether particular conduct requires registration under the Act.
SCOTUS Hears Arguments In Doctors’ Good Faith Defense to Prescribing Controlled Substances
By By Robert J. Anello and Richard F. Albert
When is a doctor a doctor and when is a doctor a drug dealer? In early March, the U.S. Supreme Court heard oral argument in two consolidated cases — Ruan v. United States and Kahn v. United States — to address where that line is drawn.
Strategies for Advising Foreign Clients As DOJ Pursues Extraterritorial Criminal Cases
By Emil Bove
This article addresses some issues to consider, including foreign arrest procedures, contesting extradition, and engaging with prosecutors before a defendant arrives in the United States.
Crypto Executive Order ‘Both a Landmark and a Question Mark’
By Andrew Goudsward
The Biden administration released its long awaited executive order on cryptocurrency, directing a range of federal agencies to study and assess a litany of issues related to digital assets, including cybersecurity, money laundering and climate impact.
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