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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

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.


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.

An experienced trial lawyer, former federal prosecutor, and Chambers USA-ranked white collar litigator, David I. Miller is a shareholder at Greenberg Traurig and focuses his practice on white collar criminal defense, government and internal investigations, securities and commodities enforcement, related complex civil litigation, and cryptocurrency, cybersecurity, anti-money laundering, and national security matters. Previously, David served for five years as an Assistant U.S. Attorney in the Southern District of New York (S.D.N.Y.), 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, D.C., as a Special Assistant U.S. Attorney in the Eastern District of Virginia, as an Assistant General Counsel for the Central Intelligence Agency, and as a white collar, securities, and commercial litigation attorney in private practice. Before joining Greenberg Traurig, David was a partner at another global firm.

David represents a variety of clients – including banks, broker-dealers, hedge funds, private equity funds, investment companies and advisers, public and private companies, cryptocurrency businesses, senior officers, directors, and managers, and other individuals – facing risks of government investigation, criminal, civil and regulatory enforcement and prosecution, related civil litigation, and in matters requiring complex internal investigations. David regularly assists clients facing insider trading, market manipulation (including spoofing), accounting fraud, valuation fraud, and other securities/commodities and financial fraud issues; Foreign Corrupt Practices Act and Bank Secrecy Act/anti-money laundering compliance concerns; and issues implicating cryptocurrency, cybersecurity, forfeiture, and national security matters. To this end, David represents clients before federal and state courts, the Department of Justice, US Attorney's Offices, Securities and Exchange Commission, Commodity Futures Trading Commission, self-regulatory organizations, state attorneys general offices, and other regulators and enforcement authorities.

David is recognized by Chambers USA as a leading white collar lawyer in New York, where clients have described him as “a great advocate who provides sound advice to his clients and can tell them what they need to hear.” He has also been described as “an effective trial lawyer who is unique in his ability to see the big picture, as well as the political and business implications of the case for the client.” Notably, clients have stated that David “provides excellent service – he’s proactive, incredibly responsive and professional.”  Similarly, The Legal 500 US notes that David has been praised by industry insiders for his “sharp mind, strategic thinking and client-focused advice.” David has also been recognized as a New York Super Lawyer in the area of white collar criminal defense (2015-present), as a “key lawyer” in Greenberg Traurig’s white collar/corporate investigations and blockchain/fintech practices by The Legal 500, and as a “Future Leader" by Who’s Who Legal.

As an experienced trial and appellate litigator with more than two decades of white collar criminal and financial litigation experience (as both a federal prosecutor and defense lawyer), David represents clients at all stages of litigation through trial and appeal. 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 U.S. Court of Appeals for the Second Circuit.

While he was an Assistant U.S. Attorney in S.D.N.Y.’s Securities and Commodities Fraud Task Force, David was responsible for investigating and prosecuting a wide range of high-profile 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 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 U.S. Attorney, he also prosecuted numerous other criminal offenses, including bank, mail, wire, health care, 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 DOJ’s Counterterrorism Section in Washington, D.C., where he investigated and prosecuted several high-profile terrorism-related cases through trial. He also served as a Special Assistant U.S. 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 has been recognized for his public service with Department of Justice and Central Intelligence Agency awards, is regularly quoted in the news media, and often appears on television news programs providing expert opinion.

David is also a technical advisor for the popular Showtime drama series “Billions.”

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.

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. 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 securities fraud 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. Lawdragon has named Antonia in its list of 500 Leading Lawyers in America every year since 2014. She is highly ranked in the Chambers USA listing for White-Collar Crime & Government Investigations, where clients and colleagues described her as a “terrific trial lawyer” who “understands the difficulties of the world we live in” and gives “advice tailored to a practical approach.” In 2020, Antonia was named a 2020 Litigation Trailblazer by The National Law Journal, which recognizes lawyers who have made significant impact on legal practice, policy or technological advancements, and in 2019, she was listed in Crain’s New York Business’s “Notable Women in Law” in recognition of her distinguished career. Antonia has also been recognized in Euromoney’s Expert Guide for White Collar Crime, Legal 500, Benchmark Litigation, and Global Investigations Review. She is a frequent speaker at industry conferences and teaches a class at Harvard Law School on white collar criminal law and procedure. She is a graduate of Harvard Law School, Oxford University and Sydney Law School, and clerked for Judge Fred I. Parker on the Second Circuit.

Eugene Ingoglia is a partner in the investigations and litigation practice at Allen & Overy LLP. His practice focuses on criminal, civil and regulatory securities and anti-corruption matters, as well as 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 clients over the course of his career. He has represented clients in actions and investigations by various U.S. Attorney's Offices, the SEC, the CFTC, FERC, and FINRA as well as other federal and state regulatory agencies, involving allegations of securities fraud, accounting fraud, insider trading, market manipulation, FCPA violations, money laundering, public corruption, and healthcare fraud. In addition, Gene has represented numerous clients at trial against the SEC and the U.S. Attorney’s Office, including a hedge fund partner in the controversial “political intelligence” insider trading criminal trial in the Southern District of New York.

Gene has tried more than a dozen federal criminal cases, and briefed and argued numerous appeals before the U.S. Court of Appeals for the Second Circuit.

Gene has been recognized by Chambers USA for "his sophisticated criminal defense practice."  Chambers interviewees refer to Gene as "a smart and creative lawyer with a lot of credibility and versatility."

Previously, Gene was an Assistant U.S. Attorney for the Southern District of New York and a member of the Securities and Commodities Fraud Unit, serving as the lead attorney in numerous federal jury trials and complex white collar investigations. In that position, 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; and conducted the investigation that led to the conviction of former bank executives and traders for deliberately overstating the value of certain real estate backed securities, one of the few successful criminal prosecutions of individual executives arising out of the financial crisis.

Ms. Avakian leads the firm’s Securities and Financial Services Department in counseling and defending public companies, investment banks, asset management firms, accounting firms, boards of directors and individual executives through the challenges of government investigations.

Prior to joining the firm, Ms. Avakian served as Director of the SEC’s Enforcement Division, where she oversaw the Division’s approximately 1,400 professionals and staff. During her four years leading the Division, the SEC brought more than 3,000 enforcement actions, obtained judgments and orders for more than $17 billion in penalties and disgorgement, and returned approximately $3.6 billion to harmed investors. Matters under Ms. Avakian’s direction concerned a wide range of issues including insider trading, financial fraud and disclosure violations, auditor and accounting issues, market structure, asset management, and the Foreign Corrupt Practices Act. She also led the Enforcement Division in confronting novel issues at the forefront of the markets today, such as initial coin offerings, digital assets, and cybersecurity. Throughout her tenure, Ms. Avakian took steps to increase the Division’s efficiency by implementing strategies to decrease the length of investigations, streamline the process for returning money to harmed investors, and expedite the review of whistleblower claims.  Ms. Avakian also worked closely with other leaders at numerous federal, foreign and state agencies including the Department of Justice, CFTC, FINRA, CFPB, UK Financial Conduct Authority, and Office of the New York Attorney General.     

Ms. Avakian’s experience addressing issues faced by financial services institutions and public companies date back to her previous 14-year tenure at WilmerHale. Before leaving the firm for the SEC in 2014, she served as vice chair of WilmerHale’s Securities Department. Throughout her time in various leadership roles, Ms. Avakian has emphasized the importance of diversity and inclusion. Most recently, during her tenure at the SEC, the Enforcement Division increased the number of women and minorities in senior officer positions.

Ms. Avakian began her legal career working in various capacities at the SEC, including as counsel to former Commissioner Paul R. Carey and as a branch chief and staff attorney in the Division of Enforcement. Her experience and understanding of the government’s priorities and processes position her well to guide clients successfully through government investigations.


Ryan Poscablo combines the knowledge, training, and experience of a skilled litigator with the savvy, street smarts, and instincts of a seasoned trial lawyer. The real secret to his success as a public servant and as a corporate litigator is that he’s empathetic, perceptive, and extraordinarily good at reading people and gaining their respect and trust.

As an Assistant United States Attorney in the Southern District of New York, Ryan conducted numerous fraud investigations that charged bank, wire, mortgage, and tax fraud, as well as identity theft, medicare and healthcare fraud, cybersecurity, and money laundering. His results speak for themselves: during the six years he served as an AUSA, he was undefeated in every one of the 12 significant criminal trials where he served as lead counsel or co-lead counsel.

Since returning to private practice, Ryan has represented companies and individuals before the U.S. Department of Justice, various state attorneys general, the Securities and Exchange Commission, and the Commodity Futures Trading Commission, in cases involving securities fraud, cryptocurrency fraud, criminal antitrust, corporate embezzlement and theft, medicare fraud and anti-kickback, bid-rigging, and public corruption. He has defended Fortune 500 companies in national class action litigations and serves as outside general counsel to leading healthcare and start-up technology companies.

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.