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Insider Trading Law 2016: Salman, Newman, and the Road Ahead

Speaker(s): Alexandra A.E. Shapiro, Anjan Sahni, Antonia M. Apps, Candice Aloisi, David I. Miller, Eugene Ingoglia, John J. O'Donnell, John T. Zach, Joon H. Kim, Kenneth I. Schacter, Ryan Poscablo, Stephanie Avakian, Zachary Feingold
Recorded on: Jul. 8, 2016
PLI Program #: 175347

Antonia M. Apps is a former federal prosecutor and nationally recognized trial attorney with experience in criminal and civil matters. She represents financial institutions, corporations, and executives in regulatory enforcement proceedings, white-collar criminal investigations, complex commercial litigation and internal investigations. She is also a lecturer at Harvard Law School on white collar criminal law and procedure. Prior to joining Milbank, Ms. Apps served as an Assistant U. S. Attorney in the Southern District of New York, where she led many of the government’s highest-profile insider trading cases, including the prosecution of S.A.C. Capital Advisors. She was also the lead prosecutor at trial and on appeal in the landmark case of United States v. Newman.  Ms. Apps prosecuted over 20 insider trading defendants and tried numerous securities fraud trials. In 2019, Ms. Apps was named to Crain’s New York Business’ “Notable Women in Law” list. The list recognizes the brightest and boldest legal minds of New York City based on both distinguished careers and exceptional civic and philanthropic activities.  Lawdragon has named Ms. Apps in its list of 500 Leading Lawyers in America each year since 2014, and she is ranked in the Chambers USA listing for White-Collar Crime & Government Investigations, among other industry recognitions.

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.

Eugene Ingoglia, a partner at Morvillo LLP, focuses his practice on high-stakes, high profile matters involving government regulatory and criminal investigations, including allegations of insider trading, securities fraud, money laundering and tax evasion, as well as regulatory compliance and complex, trial-ready civil litigation.  He has extensive experience in handling sophisticated securities and business crime matters and has achieved notable results for a wide variety of corporate and individual clients over the course of his career. He has represented clients facing insider trading charges in two trials in 2016.

A former Assistant U.S. Attorney for the Southern District of New York (2005 – 2014), where he was a member of the Securities and Commodities Fraud Unit (2010 – 2014), Mr. Ingoglia served as the lead attorney in numerous federal jury trials and complex white collar investigations.  He represented the Government in the trial and conviction of former SAC Capital portfolio manager Mathew Martoma, in the largest insider trading scheme ever charged; led the investigation in the so-called "London Whale" case that resulted in charges against two former JP Morgan traders, alleging the deliberate mismarking of complex securities in order to hide losses; and led the investigation that led to the conviction of former Credit Suisse executives and traders for deliberately overstating the value of certain real estate backed securities, in United States v. Kareem Serageldin, one of the few successful criminal prosecutions arising out of the financial crisis.

Mr. Ingoglia can be heard discussing insider trading with Peter Henning of the NY Times at


John O'Donnell is a Partner in the firm's Corporate Crime and Investigations Group.  His practice focuses on the areas of white collar criminal defense and related regulatory proceedings, internal investigations and complex commercial litigation.  John has extensive trial and appellate experience, having served as lead counsel in more than seventeen federal jury trials and having briefed and argued more than a dozen appeals before the U.S. Court of Appeals for the Second Circuit.

Professional background

Prior to joining Herbert Smith Freehills, John spent ten years as an Assistant United States Attorney in the Criminal Division of the Southern District of New York, five of which were in the Office’s securities fraud unit, nearly five years in the Enforcement Division at the Securities and Exchange Commission, and more than eight years in private practice.   While working as a federal prosecutor he investigated and prosecuted cases involving securities and commodities fraud, including accounting fraud, insider trading, ponzi schemes, and market manipulation, as well as money laundering, mail and wire fraud, and other violations of federal law.

John served as a Law Clerk for U.S. District Court Judge John E. Sprizzo in the U.S. District Court for the Southern District of New York, from 1989-1991.  He graduated from Fordham University School of Law in 1989 with a J.D. (cum laude).  He was an Associate Editor of the Fordham Law Review.  He obtained a B.A. in History from Fordham College in 1986.

Significant Representations

  • Representing a foreign state owned energy company in connection with a United States Department of Justice investigation and prosecution of the company's U.S. country head.
  • Representing a foreign bank in connection with bankruptcy proceedings concerning Oak Rock Financial's collapse due to its founder's fraudulent conduct.
  • Providing advice concerning U.S. securities regulatory issues to foreign financial service firms and their U.S. affiliates.

John T. Zach is a partner in Boies, Schiller & Flexner LLP’s New York City office.   His practice focuses on government and internal investigations, white collar defense, complex civil litigation, and regulatory compliance.   From 2006 until 2015, Mr. Zach served as an Assistant United States Attorney in the Southern District of New York where he tried 14 federal criminal cases and was a member of the Securities and Commodities Fraud Task Force.  During his time there, Mr. Zach prosecuted and tried some of the government’s most significant cases, including the six-month trial of five former employees of Bernard L. Madoff Investment Securities, the investigation and prosecution of the hedge fund S.A.C. Capital Advisors, L.P., and the trial of two former hedge fund managers on insider trading charges based on the passing of material nonpublic information acquired by a group of analysts working at different investment firms in United States v. Newman.  He was awarded the Department of Justice’s John Marshall Award for his work on the Madoff case and the Executive Office of U.S. Attorneys’ Director’s Award for Superior Performance for his work on the S.A.C. Capital matter.  In addition, Mr. Zach investigated and prosecuted numerous other matters involving securities and commodities fraud, accounting fraud, tax fraud, anti-money laundering, and RICO, including the extradition and prosecution of Christopher Coke, who The Economist called “Jamaica’s most prominent mobster” and whose “gang operated a virtual para-state” and “vigilante justice system” within the country.

From 2001 until 2006, Mr. Zach was an associate at Cravath, Swaine & Moore LLP, where he worked on a variety of securities fraud, antitrust and bankruptcy adversary proceeding matters.  Prior to becoming a lawyer, he volunteered with Americorps and taught high school equivalency and job training to troubled teenagers.  He is a 2001 graduate of the University of Texas School of Law and a 1997 graduate of the University of Notre Dame.

Joon H. Kim is a partner based in Cleary Gottlieb’s New York office. His practice focuses on white-collar criminal defense, internal corporate investigations, regulatory enforcement, and crisis management, as well as complex commercial litigation and arbitration.

Joon has enjoyed a distinguished career over two decades at high levels of government and in private practice at the firm, personally trying over a dozen federal jury trials and actively participating in dozens more.

From March 2017 to January 2018, he served as the Acting U.S. Attorney for the Southern District of New York. As the most senior federal law enforcement officer in the district, he oversaw all criminal and civil litigation conducted on behalf the United States and supervised the work of about 220 Assistant U.S. Attorneys handling a wide range of cases, including securities fraud, cybercrime, domestic and foreign corruption, money laundering, tax litigation, terrorism, racketeering, Bank Secrecy Act and sanctions violations, theft of trade secrets, and economic espionage, as well as civil rights, false claims act, civil enforcement, and environmental matters. Before becoming Acting U.S. Attorney, Joon served in various leadership positions in the office, including Deputy U.S. Attorney, Chief of the Criminal Division, and Chief Counsel to the U.S. Attorney.

Joon joined the firm in 1997 as an associate in the litigation group. From 2000 to 2006, he was an Assistant U.S. Attorney in the Southern District of New York. From 2006 to 2013, he was part of the firm’s enforcement and litigation group, becoming partner in 2009. He has represented major financial institutions, global conglomerates, and senior executives in criminal and regulatory matters, as well as in complex civil litigation and international arbitration. He rejoined the firm in 2018.

Kenneth I. Schacter is an experienced trial lawyer who handles a broad range of civil and white collar criminal matters. His practice emphasizes securities litigation; complex criminal, antitrust and civil RICO matters; SEC proceedings; intellectual property litigation; and other business litigation. Ken has trial experience before juries, judges and arbitration panels throughout the United States. He has tried more than 30 cases to verdict or award and has also argued dozens of appeals.

Ken gained valuable experience as an Assistant U.S. Attorney for the Southern District of New York, handling many groundbreaking insider trading cases, including the so-called “Yuppie Five” case and major prosecutions of other corporate insiders. While an Assistant U.S. Attorney, Ken also investigated and prosecuted cases involving financial frauds, tax evasion, official corruption, arms smuggling and terrorism.

Stephanie Avakian is the Director of the U.S. Securities and Exchange Commission’s Division of Enforcement.  She served as Co-Director from June 2017 until August 2020 and as Acting Director from December 2016 to June 2017.  Before that, she served as Deputy Director beginning in June 2014.

Before being named Deputy Director, Ms. Avakian was a partner at Wilmer Cutler Pickering Hale and Dorr LLP, where she served as a vice chair of the firm’s securities practice and focused on representing financial institutions, public companies, boards, and individuals in a broad range of investigations and other matters before the SEC and other agencies.

Ms. Avakian previously worked in the Division of Enforcement as a branch chief in the SEC’s New York Regional Office, and later served as counsel to former SEC Commissioner Paul Carey.

Ms. Avakian received her bachelor’s degree from the College of New Jersey and a law degree from Temple University’s School of Law, both with high honors.

A seasoned trial lawyer and former federal prosecutor, David I. Miller practices in the areas of white collar criminal defense, government and internal investigations, securities and commodities enforcement, related complex civil litigation, cryptocurrency, and national security. Previously, David served for five years as an Assistant US Attorney in the Southern District of New York (SDNY), over half that time as a member of the Securities and Commodities Fraud Task Force. He also served as a terrorism prosecutor with the Department of Justice in Washington, DC, as a Special Assistant US Attorney in the Eastern District of Virginia, as an Assistant General Counsel for the Central Intelligence Agency, and as a securities and commercial litigation attorney in private practice.

David has more than two decades of litigation experience, including in white collar criminal defense; securities and commodities litigation and enforcement proceedings; corporate internal investigations (including those implicating the Foreign Corrupt Practices Act); complex commercial litigation; Bank Secrecy Act and anti-money laundering issues; cryptocurrency issues; forfeiture litigation; compliance counseling; and national security matters. David has conducted 10 jury and bench trials, several of which were multi-defendant trials, including securities and accounting fraud trials, with guilty verdicts secured for nearly all defendants on all counts. As an appellate advocate, David has briefed and argued several appeals before the US Court of Appeals for the Second Circuit. The Legal 500 US notes that David has been praised by industry insiders for his “sharp mind, strategic thinking and client-focused advice,” and he has been recognized as a New York Super Lawyer in the area of white collar criminal defense.

As an Assistant US Attorney in SDNY’s Securities and Commodities Fraud Task Force, David was responsible for investigating and prosecuting a wide range of securities and commodities fraud offenses, including insider trading, investment adviser fraud, offering fraud, accounting fraud, options backdating, market manipulation, reverse mergers, credit default swap schemes, hedge fund improprieties, and Ponzi schemes. David handled multiple insider trading matters and was part of a team of prosecutors leading the government’s investigation and prosecution of Operation Perfect Hedge, which has resulted in the conviction of more than 80 individuals for insider trading offenses since 2009. As part of his duties, he worked closely with, and coordinated parallel civil enforcement proceedings with, the SEC, CFTC, FINRA, and other regulatory agencies. While David was an Assistant US Attorney, he also prosecuted numerous other criminal offenses, including bank, mail, wire, healthcare, and tax fraud; credit card fraud and identity theft; money laundering; obstruction of justice and false statements; terrorism offenses; export control violations; and narcotics, firearms, and robbery offenses. Additionally, he has experience with asset forfeiture issues, having litigated several criminal and civil forfeiture proceedings.

David previously served as a terrorism prosecutor with the US Department of Justice’s Counterterrorism Section in Washington, DC, where he investigated and prosecuted several high-profile terrorism-related cases through trial. He also served as a Special Assistant US Attorney in the Eastern District of Virginia, where he investigated and prosecuted white collar, firearms, narcotics, and gang-related offenses through trial.  David’s career includes his time as an Assistant General Counsel for the Central Intelligence Agency, where he litigated and prosecuted cases on the CIA’s behalf (including classified and state secrets matters); was the assigned CIA representative to the prosecution team in United States v. I. Lewis (“Scooter”) Libby (D.D.C.); regularly advised senior CIA officials; and represented the CIA at high-level, interagency meetings implicating sensitive national security issues.  Before joining government service in 2005, David spent six-and-a-half years as a securities, complex commercial and bet-the-company litigator with two large law firms in New York.

David’s experience in defending allegations of financial, securities, and commodities fraud is invaluable for clients—including broker-dealers, hedge funds, private equity funds, investment companies and advisers, banks, and public and private companies—facing risks of government investigation, regulatory enforcement, and related civil litigation, as well as other matters that require internal investigations, including Foreign Corrupt Practices Act and Bank Secrecy Act/Anti-Money Laundering compliance. To this end, David represents clients before DOJ, several US Attorney's Offices, SEC, CFTC, FINRA and other self-regulatory organizations, state attorneys general offices, and other state regulators and enforcement authorities. He is also an asset for clients facing issues implicating digital currencies, national security, international clients doing significant business in the United States, and clients with cybersecurity and privacy-related issues.  David is also a technical advisor for a popular television drama series.

Anjan Sahni is a highly experienced litigator who has overseen some of the most significant white collar and securities fraud prosecutions in recent years. Mr. Sahni rejoined the firm after more than a decade as a federal prosecutor in the United States Attorney’s Office for the Southern District of New York, where he recently served as Chief of the Securities and Commodities Fraud Task Force and Co-Chief of the Terrorism and International Narcotics Unit.

As Chief of the Securities and Commodities Fraud Task Force, Mr. Sahni supervised investigations and prosecutions involving insider trading, accounting fraud, corporate fraud, market manipulation, commodities fraud, investment advisory fraud, violations of the Bank Secrecy Act and Foreign Corrupt Practices Act, and fraud involving complex financial instruments. In that role, he regularly coordinated criminal investigations with an array of different civil regulators, including the SEC, CFTC, Federal Reserve, FINRA, OCC, FinCEN and NYDFS.

Prior to supervising the Securities and Commodities Fraud Task Force, Mr. Sahni served as the Co-Chief of the Terrorism and International Narcotics Unit. In that role, he oversaw investigations and prosecutions involving domestic and international terrorism, arms trafficking, counterintelligence, piracy, money laundering, violations of export controls and economic sanctions laws, and global narcotics trafficking. He was the co-prosecutor of notorious arms dealer Viktor Bout and oversaw the successful prosecution of would-be Times Square bomber Faisal Shahzad.

After receiving his law degree from Yale Law School, Mr. Sahni clerked for the Honorable Pierre N. Leval of the United States Court of Appeals for the Second Circuit, after which he joined WilmerHale as a litigation associate.

Mr. Sahni has been regularly recognized by the legal community for his corporate investigations, financial services litigation and white-collar criminal defense expertise. For the past three years he’s been named one of the world's leading lawyers for business by Chambers USA in the New York white-collar crime and government investigations litigation category.

Ryan P. Poscablo is a partner in the New York office of Riley Safer Holmes and Cancila LLP, specializing in class action and general commercial litigation, as well as white collar criminal defense and corporate internal investigations.  Ryan is an experienced trial and appellate attorney.  Before joining RSHC, Mr. Poscablo was a partner at another national law firm and also served for six years as an Assistant United States Attorney in the United States Attorney’s Office for the Southern District of New York, where he served as lead counsel or co-lead counsel in 12 significant criminal trials. He is also an experienced appellate advocate, having briefed and argued numerous appeals before the United States Court of Appeals for the Second Circuit.  He has led dozens of investigations in various areas, including bank, wire, mortgage and tax fraud, credit card fraud and identity theft, racketeering, money laundering, cybersecurity, terrorism offenses, and violent crime.

Zachary Feingold is the Chief Legal Officer of Coatue Management, L.L.C.  From 2008 to 2014, Mr. Feingold served as Assistant United States Attorney in the United States Attorney’s Office for the Southern District of New York, where he was a member of the office’s Securities and Commodities Fraud Task Force and Complex Frauds Unit.  At the U.S. Attorney’s Office, Mr. Feingold led investigations and prosecutions in an array of complex white collar cases, including in the areas of securities and other investment fraud, Foreign Corrupt Practices Act, Bank Secrecy Act, OFAC, money laundering and cyber crime.  Included among these cases were: an investigation leading to charges against employees of Visium Asset Management for insider trading; an investigation leading to the prosecution of Kit Digital Inc. executives for accounting fraud and market manipulation; the first-ever prosecution for fraud under the U.S. Treasury Department’s TARP program; the prosecution of Avon Products Inc. for violations of the FCPA; the prosecution of Commerzbank and an executive in connection with Olympus Corporation’s $1.7 billion accounting fraud scheme; and the convictions after trial of three insurance brokers in one of the largest prosecutions related to investor-originated life insurance.  Prior to joining the U.S. Attorney’s Office, Mr. Feingold was an associate at Simpson Thacher & Bartlett LLP, specializing in litigation, regulatory and white collar matters.  He also served as a law clerk to the Honorable K. Michael Moore of the United States District Court, Southern District of Florida.  He is a graduate of American University and Fordham University School of Law.

Since 2011, Candice has been an attorney in the Division of Enforcement of the U.S. Commodity Futures Trading Commission. She currently serves as a Chief Trial Attorney in the Division.  Prior to joining the CFTC, Candice was a litigation associate at the law firms of Morvillo, Abramowitz, Grand, Iason & Anello PC, and Debevoise & Plimpton LLP, and clerked for two federal judges, the Honorable Julio M. Fuentes of the U.S. Court of Appeals for the Third Circuit, and the Honorable Stanley R. Chesler of the U.S. District Court for the District of New Jersey.  Candice graduated from Columbia Law School (Class of 2004) and Northwestern University.