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Insider Trading in the Wake of United States v. Newman & Chiasson


Speaker(s): Alexandra A.E. Shapiro, Gregory Morvillo
Recorded on: Jan. 5, 2015
PLI Program #: 132005

Alexandra Shapiro is a partner and co-founder of Shapiro Arato LLP, a New York litigation boutique.

Alexandra is an experienced trial lawyer and appellate advocate. She has tried many cases and argued numerous appeals in federal and state appellate courts, including Salman v. United States, a major insider trading case in the Supreme Court of the United States. 

Alexandra has won a series of appellate reversals of criminal convictions in significant white collar prosecutions.  Most recently, she procured a new trial for Dean Skelos, the former New York State Senate Majority Leader.  Her victories include appellate judgments of acquittal in three cases (two overturned convictions for insider trading and one reversed a tax shelter fraud conviction), as well as several decisions granting new trials for clients who had been convicted of tax crimes, securities fraud, accounting fraud, public corruption, and obstruction of justice.

Alexandra is currently representing several clients in Second Circuit appeals from insider-trading convictions, including businessman William Walters, former investment banker Sean Stewart, and former SAC portfolio manager Mathew Martoma.

Alexandra has also conducted internal investigations on behalf of corporations, corporate boards, and Audit Committees. She has assisted clients in developing and implementing regulatory compliance programs.  She served as President of the New York Council of Defense Lawyers, a not-for-profit professional association of about 250 experienced lawyers whose principal area of practice is the defense of criminal cases in the federal courts in New York.

Prior to co-founding her firm in 2009, Alexandra was a partner of Latham & Watkins LLP, and before that, an Assistant U.S. Attorney in the Southern District of New York, where she also served as Deputy Chief Appellate Attorney.  She clerked for Justice Ruth Bader Ginsburg of the Supreme Court of the U.S. and for Judge Stephen F. Williams of the U.S. Court of Appeals for the D.C. Circuit, and served as an attorney-adviser in the Office of Legal Counsel of the U.S. Department of Justice.

Alexandra received her J.D. from Columbia University School of Law; she graduated first in her class and was an articles editor of the Columbia Law Review. She received her B.A. from Williams College, graduating magna cum laude and with Honors in History.


Gregory Morvillo is best known for his work shaping insider trading law. His victory before the Second Circuit Court of Appeals in the landmark insider trading case United States v. Newman propelled him to being one of the most sought-after insider trading defense attorneys in the country.

He represented Anthony Chiasson in the criminal, appellate and regulatory actions in the above referenced case, all of which resulted in total exoneration. His work for Chiasson led Law360 to note that he “went toe-to-toe with hard-charging U.S. Attorney Preet Bharara to win a landmark Second Circuit decision … that raised the bar for prosecuting individuals who are one or more layers removed from sources of confidential information and overturned the conviction of his hedge fund manager client.”

In the wake of Newman, Greg has become immersed in insider trading and securities fraud cases. He has tried multiple insider trading/securities fraud cases to verdict over the past several years, and has taken on multiple appeals for clients in this ever-evolving area of the law. He also regularly advises public companies and privately-owned hedge funds on their compliance issues and methods to train/educate employees to avoid running afoul of the law. He has written and spoken on insider trading and corporate best practices dozens of times in the past few years.

Beyond his insider trading work, Greg has represented both individuals and corporations in dozens of federal and state court actions and in government investigations. He has litigated against United States Attorneys’ Offices across the country, the Department of Justice in Washington, D.C., numerous regional offices of the Securities and Exchange Commission, the New York State Attorney General’s Office, the Manhattan District Attorney’s Office, the New York Stock Exchange, FINRA, and other government and self-regulatory organizations. He has also handled appeals in the Second, Third, Fourth, and Tenth Circuit Courts of Appeals. He routinely advises clients on criminal law, securities, regulatory, civil, administrative and corporate governance issues.

Greg has been consistently honored by being named to the International Who’s Who of Business Crime Defence Lawyers in 2012, 2013, 2014, and 2015. He has twice been named to InterContinental Finance Magazine’s Leading Lawyer 500 list, which rates the top 500 lawyers in the world today.