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Insider Trading Law 2017


Speaker(s): Anjan Sahni, Antonia M. Apps, Brian A. Jacobs, Candice Aloisi, Charles D. Riely, Daniel M. Gitner, David I. Miller, Eric S. Olney, Jason Cowley, John J. O'Donnell, Matthew L. Schwartz, Reed M. Brodsky, Ryan Poscablo, Zachary Feingold
Recorded on: Jul. 21, 2017
PLI Program #: 186053

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.  Lawdragon has named Ms. Apps in its list of 500 Leading Lawyers in America each year since 2014. She is 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 2018, she was shortlisted for the Chambers USA Awards in the area of White Collar Crime. Ms. Apps has also been recognized by Legal 500 for Corporate Investigations and White-Collar Criminal Defense and was named a Next Generation Lawyer in 2017. 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


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.


Brian A. Jacobs, a partner at Morvillo Abramowitz Grand Iason & Anello P.C., is a former federal prosecutor and an experienced trial and appellate lawyer who represents individuals and organizations in criminal, civil, and regulatory matters, internal investigations, and appeals. His cases have involved allegations of financial fraud, antitrust violations, accounting fraud, insider trading, bribery and corruption, computer hacking, and trade-secrets theft.

Brian previously served as an Assistant U.S. Attorney in the U.S. Attorney’s Office for the Southern District of New York, where he was Deputy Chief of Appeals. During his six and a half years at the U.S. Attorney’s Office, Brian led the investigations and prosecutions of a wide range of federal crimes, including bank, wire, mail, and securities fraud, public corruption, money laundering, obstruction of justice, embezzlement, and cybercrime. As a prosecutor, Brian successfully conducted nine jury trials, including multiple high-profile public corruption matters and complex white-collar cases. He also argued ten appeals before the United States Court of Appeals for the Second Circuit, and as Deputy Chief of Appeals, he co-authored briefs and supervised oral arguments in more than 50 appellate cases.

Most recently, Brian was named a white collar “Rising Star” by Law360, which recognizes “attorneys under 40 whose legal accomplishments transcend their age.” Brian also was named a "Rising Star" by the New York Law Journal, which recognizes "attorneys 40 and under who have established a record of accomplishments and demonstrated that they are top contributors to the practice of law and their communities." The Law Journal acknowledged Brian for handling “an impressive roster of headline-producing cases and successful prosecutions of corruption and other criminal cases” as a federal prosecutor. The Legal 500 United States has recommended Brian in the area of securities litigation, calling him “a superstar.” Additionally, Benchmark Litigation: The Definitive Guide to America’s Leading Litigation Firms & Attorneys has recognized Brian as a "Future Star" and named him to its “Under 40 Hot List” three years in a row.

Brian is the co-author of “Insider Trading” and “Securities Fraud” (forthcoming), two chapters in the treatise White Collar Crime: Business and Regulatory Offenses. Brian is also a co-author of the chapter “Responding to Subpoenas and Other Regulatory Requests” in the book Defending Corporations and Individuals in Government Investigations. Brian has written articles for The Review of Securities and Commodities Regulation and Practical Law, and is a regular contributor to The Insider Blog on Forbes.com. Brian serves on Law360's white collar editorial advisory board. In addition, starting in the fall of 2018, Brian will be the chair of the Criminal Advocacy Committee of the New York City Bar Association.

Prior to joining the U.S. Attorney’s Office, Brian was a Law Clerk to the Honorable Amalya L. Kearse of the U.S. Court of Appeals for the Second Circuit, and the Honorable Jed S. Rakoff of the United States District Court for the Southern District of New York. Brian received his J.D. from Columbia Law School in 2004, where he was an Articles Editor of the Columbia Law Review, was named a James Kent Scholar each year, and was awarded the Paul R. Hays prize for civil procedure and the Charles Bathgate Beck prize for property law. He received his B.A. from Yale College in 2001, cum laude, with distinction in the English major.


Daniel Gitner focuses his practice on defending individuals and entities in white-collar criminal and regulatory matters.

Mr. Gitner has represented corporate executives, financial professionals, lawyers, accountants, artists, law firms, and corporations before a wide array of federal and state authorities and courts, as well as in internal investigations.  Those matters have involved allegations of securities fraud, mail and wire fraud, insider trading, accounting fraud, market manipulation, criminal antitrust, obstruction of justice, perjury, workplace discrimination and harassment, tax fraud, bribery, extortion, environmental law violations, money laundering, off-label marketing, immigration violations, insurance fraud, the Foreign Corrupt Practices Act, trade secret violations, professional misconduct, asset forfeiture, and other criminal and regulatory issues.  Mr. Gitner also has represented entities and individuals in complex federal and state civil litigation and claimants in restitution proceedings.

In 2017, Chambers USA shortlisted Mr. Gitner for the White Collar and Government Investigations Lawyer of the Year, an award he won in 2015.  That same publication has stated that Mr. Gitner receives “widespread praise for his breadth of expertise and his deft handling of high-profile cases,” is “widely lauded for his expert white-collar defense practice” and a “natural in the courtroom,” and is the full package, just the whole thing.” The Legal 500 states that Mr. Gitner is a “superstar . . . who is particularly praised for his subject matter expertise and responsiveness.”  In July 2014, The American Lawyer named Mr. Gitner its “Litigator of the Week” after he secured the first acquittal in a federal criminal insider trading case in recent memory.  The New York Times has profiled Mr. Gitner in an article entitled “Meticulous, Superstitious, and Victorious.”  Mr. Gitner routinely appears in Benchmark Litigation, Super LawyersNew York’s Best LawyersThe International Who’s Who of Business Crime DefenseExpert Guides (White Collar Crime), Who’s Who Legal (Investigations), and similar publications.

Prior to joining LSW as a partner in 2005, Mr. Gitner served in the Criminal Division of the U.S. Attorney’s Office for the Southern District of New York, where he was an Assistant United States Attorney from 1997 to 2005 and chief of the General Crimes Unit from 2003 to 2005.  Mr. Gitner was a recipient of the Justice Department’s Director’s Award for Superior Performance and was named the Federal Prosecutor of the Year in 2003 by the Federal Law Enforcement Foundation.

Mr. Gitner has spoken at continuing education seminars, lectured at Columbia Law School on federal grand jury practice, and is an adjunct professor at New York Law School, where he has taught a course on sentencing.  Mr. Gitner was also a lead author of Business Crime, a comprehensive treatise on white collar criminal matters, and is the author of numerous articles concerning white collar criminal and regulatory issues.

From 2013 to 2015, Mr. Gitner served as a Mayor’s appointee on the New York City Civilian Complaint Review Board, an independent agency that investigates charges of police misconduct.

 


Eric Olney is a partner who focuses on complex commercial litigation and appellate advocacy. Eric has defended Fortune 500 companies, their officers, directors, and underwriters in various commercial settings, including actions involving the federal securities laws.

Prior to joining Shapiro Arato, Eric worked at Latham & Watkins LLP.

Representative matters include:

  • Representing former S.A.C. Capital Advisors portfolio manager Mathew Martoma in appeal of insider trading conviction.
  • Defended officers and directors of NYSE-listed company in securities fraud action brought in the Southern District of New York. Plaintiffs withdrew all claims following service of a motion for sanctions against plaintiffs.
  • Represented Bassam Salman in appeal of insider trading conviction before the U.S. Supreme Court.
  • Obtained dismissal of claims against various defendants in actions brought by the trustee for Bernard Madoff’s estate seeking “clawback” of alleged payments to defendants.
  • Defended Fannie Mae in consolidated securities fraud class action in the Southern District of New York.All claims under the Securities Act of 1933 were dismissed, and Fannie Mae also successfully opposed an individual plaintiff's motion to remand, on the ground that SLUSA requires class action claims under the Securities Act to be litigated in federal court.
  • Successfully appealed summary judgment ruling against private equity funds alleging fraud in lawsuit against NASDAQ-listed company and its former CEO; obtained reversal and reinstatement of the funds’ claims.
  • Defended UBS against shareholder class actions alleging that the bank tortiously interfered with a merger agreement. All claims against UBS were dismissed.

Education

Columbia University School of Law J.D., 2003

James Kent Scholar (2001-02, 2002-03)

Harvard University B.A. cum laude, History, 1998

Clerkships

Judge William H. Pauley III, U.S. District Court, S.D.N.Y.

Bar Admissions

New York


Experience

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.


Matthew Schwartz is a Partner in Boies Schiller Flexner’s New York City office. His practice  focuses on government and internal investigations, white collar defense, regulatory compliance, and complex civil litigation. A “buttoned-up assassin in the courtroom” praised by his colleagues for his “laser-like focus and precision,” Mr. Schwartz has a reputation for “possessing the consistent ability to take knotty issues and distilling them to their essence” (Forbes, 2014). “Talented and extremely hardworking” (Legal 500, 2017), he has first-chaired numerous jury and non-jury trials and personally argued more than a dozen federal appeals.

From 2005 to 2015, Mr. Schwartz was a federal prosecutor in the Southern District of New York, “where he spent a decade leading blockbuster trials” (Crain’s, 2017). As a member of that office’s Securities and Commodities Fraud Task Force, Mr. Schwartz led a number of high-profile matters, including the investigations and deferred prosecution agreements with JPMorgan and Commerzbank AG on BSA/AML charges; the investigation and prosecutions related to the “London Whale”  trades; and all aspects of the government’s investigation of Bernard L. Madoff Investment Securities, including a six-month long jury trial and the forfeiture of more than $9 billion. He conducted numerous investigations in parallel with regulators such as the SEC, CFTC, OCC, Federal Reserve Board, FinCEN, OFAC, and PCAOB; state Attorneys General and other state regulators, such as  the New York State Department of Financial Services; and foreign regulators and law enforcement, such as the UK Financial Conduct Authority.

Mr. Schwartz has frequently been recognized for his work. He was named as one of Crain’s New York Business “40 Under Forty” (2017); Law 360 named him to its “Top Attorneys Under 40” list  in 2016. And Ethisphere in 2015 and 2016 named him to its list of “Attorneys Who Matter.” He is a three-time recipient of the Department of Justice’s John Marshall Award – the highest award given by the Department to lawyers – and was named in 2013 as Prosecutor of the Year by the Federal Law Enforcement Foundation.

Education:

  • Columbia Law School, J.D.
  • Columbia College, B.A.

Former Positions:

  • Assistant U.S. Attorney
  • Law Clerk to Hon. Thomas J. Meskill (2d Cir.) and Shira A. Scheindlin (S.D.N.Y.)
  • Special Master, In re IPO Securities Litigation


Reed Brodsky is a partner in Gibson, Dunn & Crutcher's New York office.  Mr. Brodsky is Co-Chair of Gibson Dunn's Crisis Management Practice Group and a member of the Securities Enforcement and White Collar Defense and Investigations Groups.  He is a nationally recognized trial lawyer and litigator best known for his success as lead trial counsel in two of the most high-profile white collar criminal cases in recent memory, United States v. Raj Rajaratnam in 2011, and United States v. Rajat Gupta in 2012.  Since joining Gibson Dunn, Mr. Brodsky has been a lead trial attorney in four high-profile trials, representing Chevron Corporation in Chevron v. Donziger et al. in 2013, AlixPartners in AlixPartners v. Thompson et al. in 2014, AIG's Lavastone Capital unit in Lavastone Capital LLC v. Coventry First LLC et al. in 2015, and Patriarch Partners/Lynn Tilton in SEC v. Patriarch in 2016.  Before joining Gibson Dunn, Mr. Brodsky spent eight years serving as an Assistant United States Attorney in the United States Attorney's Office for the Southern District of New York, where he won all seven of his white collar criminal trials and many non-white collar trials. 

Mr. Brodsky’s areas of practice include trial work, white collar crime, securities enforcement proceedings, corporate internal investigations, compliance counseling and complex civil litigation.  Mr. Brodsky has extensive experience representing institutions, hedge funds, issuers of securities, board committees and individuals in connection with investigations, litigation and SEC enforcement proceedings under the federal securities laws.  Mr. Brodsky has counseled numerous hedge funds on securities trading and compliance matters.

Mr. Brodsky has received national recognition and many awards for his achievements and litigation skills. His litigation practice includes commercial disputes, civil litigation, and white-collar and securities enforcement matters.  In 2018, U.S. Legal 500 ranked Mr. Brodsky as one of the leading lawyers at Gibson Dunn in corporate investigations; he was a leading lawyer on two separate litigation teams that won Benchmark Awards for high-profile commercial litigation matters; and was a Benchmark finalist as one of the top securities lawyers in the country.  Mr. Brodsky is ranked among the top white collar litigators in New York by Chambers USA: America’s Leading Lawyers for Business, describing him as “a superstar” whom “you want in your corner when you’re stepping into the ring” with his “pragmatic and efficient approach.” Benchmark Litigation ranks him as a “Litigation Star.” Mr. Brodsky has been named as one of the “Top Rated White Collar Crimes Attorneys in New York,” by Super Lawyers, a leading investigations lawyer by Who’s Who Legal: Investigations, and a “Life Sciences Star” by LMG Life Sciences. Lawdragon Magazine cited Mr. Brodsky among the “500 Leading Lawyers in America” in 2012. Ethisphere Magazine named him one of 14 “Government Stars” in 2011. In 2012, Mr. Brodsky received the Attorney General’s Award for Distinguished Service; and in 2013, Mr. Brodsky received the Executive Office of U.S. Attorney’s Director’s Award for Superior Performance by a Litigative Team.


A seasoned trial lawyer and former federal prosecutor, David I. Miller practices in the areas of white collar, government and internal investigations, securities enforcement, related complex civil litigation, and national security. Prior to joining Morgan Lewis, 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 significant experience in white collar criminal defense; securities litigation and enforcement proceedings; corporate internal investigations; complex commercial litigation; compliance counseling; forfeiture litigation; 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.

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 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 Securities and Exchange Commission, the Commodity Futures Trading Commission, the Financial Industry Regulatory Authority, and other regulatory agencies. While David was an Assistant US Attorney, he also prosecuted numerous other criminal offenses, including bank, mail, wire, 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 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 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 national security, international clients doing significant business in the United States, and clients with cybersecurity, cryptocurrency, and privacy-related issues.


Charles D. Riely is an Assistant Regional Director for Enforcement in the New York office and a member of the Enforcement Division’s nationwide Market Abuse Unit.  He has been a key contributor to many SEC enforcement actions, including cases involving insider trading and a variety of other cases involving regulatory failures or fraud.  Before joining the SEC staff in 2008, Mr. Riely worked for six years at the New York office of Akin Gump.  Mr. Riely earned a JD with honors from the University of Michigan in 2001, and a BA from Yale in 1998.


Jason Cowley has been with the United States Attorney’s Office for the Southern District of New York since 2011 and has served as Co-Chief of the Office’s Securities and Commodities Fraud Task Force since January 2017.  Prior to assuming that position, he served as Chief of the Office’s Money Laundering and Asset Forfeiture Unit.  Mr. Cowley has prosecuted a number of individuals and entities for a wide array of white-collar offenses including securities fraud, money laundering, violations of the Foreign Corrupt Practice Act (“FCPA”), tax evasion and related violations of the Bank Secrecy Act.  As a prosecutor, Mr. Cowley has tried over a dozen federal criminal jury trials.


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.