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Insider Trading Law 2020


Speaker(s): Adam Hopkins, Andrea M. Griswold, Antonia M. Apps, Brian A. Jacobs, Eugene Ingoglia, Harris Fischman, Jenna M. Dabbs, Manal Sultan, Niketh Velamoor, Rebecca Monck Ricigliano, Ryan Poscablo, Simona Suh
Recorded on: Oct. 28, 2020
PLI Program #: 276332

Rebecca Monck Ricigliano, a former federal prosecutor, is a partner in Crowell & Moring’s White Collar and Regulatory Enforcement Group and a member of its Steering Committee; she is also a member of the firm’s Financial Services and Investigations practices. Rebecca is an experienced trial and investigations lawyer, serving nearly a decade as an Assistant United States Attorney in the U.S. Attorney’s Office for the Southern District of New York (SDNY) and then as the First Assistant Attorney General of New Jersey.

Rebecca conducts internal investigations for foreign and domestic clients, including Fortune 500 companies in the financial services, technology, transportation, government contracting, and defense sectors. Rebecca also represents individuals and companies in a wide array of grand jury and regulatory investigations and related enforcement, including criminal trials. Rebecca’s practice focuses on matters involving the Department of Justice’s Criminal and Antitrust Divisions, United States Attorney’s Offices, Congress, the Securities and Exchange Commission, the Commodities Futures Trading Commission, the Financial Industry Regulatory Authority, the Office of Foreign Asset Control, state attorney general’s offices, and other federal and state regulators. In addition to those representations, Rebecca regularly counsels clients on remedial measures and on the development and updates of corporate compliance programs and other corporate policies. She also provides training for clients and their employees.

Rebecca is regarded as a leading white collar attorney by Chambers USA, acknowledging her “phenomenal skill set” and “experience and gravitas to be able to speak directly to the court.” She was recognized by Crain’s New York Business as a “Notable Woman in the Law” in 2020, and by Best Lawyers in America in 2021.

Prior to joining Crowell, Rebecca served nearly ten years as an Assistant United States Attorney in the SDNY where she tried numerous cases and briefed and argued appeals before the U.S. Court of Appeals for the Second Circuit. During her tenure, Rebecca was a member of the Securities and Commodities Fraud Task Force and held various supervisory positions including Chief of the Narcotics Unit and Senior Trial Counsel in the Public Corruption Unit. As First Assistant Attorney General of New Jersey, Rebecca supervised complex criminal investigations and prosecutions and affirmative Consumer Fraud and False Claims Act cases. Prior to her government service, Rebecca was an associate at one of New York’s leading white collar criminal defense law firms, where she was a member of the defense team that represented Martha Stewart at trial.


A partner in the Litigation Department, Harris is a widely respected trial lawyer and litigator, and has extensive public and private experience in white-collar and regulatory matters. Harris regularly counsels companies, boards of directors, and senior executives in proceedings before regulators and prosecutors.

EXPERIENCE

Harris has handled major criminal and regulatory matters and internal investigations involving all aspects of alleged corporate misconduct. Harris frequently represents public companies and their executives in investigations conducted by the SEC’s Division of Enforcement and other regulators. Harris also routinely represents corporate and individual clients in a variety of matters before federal, state and local prosecutors across the country.

A seasoned trial lawyer, Harris has tried cases on behalf of commercial clients before juries and arbitration panels, and also has substantial appellate experience. Harris has successfully conducted more than 20 criminal and civil trials and arbitrations.

Harris 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 Chief of the Violent and Organized Crime Unit and before that Deputy Chief of the Narcotics Unit. As a prosecutor, Harris supervised more than 30 criminal trials.

Harris is a frequent speaker on various issues related to trial practice, regulatory enforcement proceedings and criminal law. He recently taught a seminar on federal prosecution at NYU School of Law. Harris served as a law clerk at the Office of the Prosecutor of the International Criminal Tribunal for the Former Yugoslavia, where he worked on the prosecution of Slobodan Milosevic, the former president of Yugoslavia, for attempted genocide and other war crimes.

Harris is a member of the 2020 class of David Rockefeller Fellows sponsored by the Partnership for the City of New York.


Adam Hopkins is Managing Director and Deputy General Counsel of Mizuho Americas LLC.  Adam has been with Mizuho since 2010 and previously held the role of General Counsel and Head of Compliance for the firm’s global swap dealing business.  Adam currently manages the legal team responsible for the capital markets business including, equity and debt capital markets, futures, equities and fixed income.   He is also responsible for assessing the impact of banking regulations for Mizuho’s U.S. bank holding company.  Prior to joining Mizuho, Adam acted as General Counsel and Chief Compliance Officer for an SEC registered investment adviser.


Andrea M. Griswold is currently the Co-Chief of the Securities and Commodities Task Force at the United States Attorney’s Office for the Southern District of New York.

Previously, as a prosecutor in the unit she now supervises, Ms. Griswold investigated, prosecuted and tried to verdict a wide variety of significant securities fraud cases, including those involving allegations of accounting fraud, valuation fraud, insider trading and market manipulation. Most recently, Ms. Griswold led the criminal investigation that resulted in the indictment and arrest of Arif Naqvi and other senior executives at the Abraaj Group, the largest failed private equity firm, on charges that the defendants serially inflated the valuation of private equity investments and misappropriated hundreds of millions of dollars, all while promoting the firm as a pioneer of so-called “impact investing” that could “do good” without “compromising returns.” Ms. Griswold has also served as an Acting Deputy Chief of the Narcotics Unit and as a member of the public corruption unit where she was part of the team that investigated and prosecuted attorney Michael Cohen for campaign finance violations and criminal tax evasion.

Ms. Griswold graduated cum laude from Georgetown University and earned her law degree from New York University in 2007. Prior to becoming a prosecutor, Ms. Griswold began her legal career at Simpson Thacher & Bartlett LLP, where she worked from 2007 to 2013, primarily on matters in the firm’s White Collar and Government Investigations group.


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.


Brian A. Jacobs, a partner at Morvillo Abramowitz Grand Iason & Anello PC, 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 numerous jury trials, including multiple high-profile public corruption matters and complex white-collar cases. In his time as a prosecutor and in private practice, he has argued more than a dozen 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 additional appellate cases.

In recent years, Brian has been named a white collar “Rising Star” by Law360, which recognizes “attorneys under 40 whose legal accomplishments transcend their age,” and 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 repeatedly recognized Brian as a “Future Star” and named him to its “Under 40 Hot List” four times.

In 2019, Brian was honored with a Burton Award for Distinguished Legal Writing for his Review of Securities & Commodities Regulation article, “How Institutional Dynamics Have Shaped Insider Trading Law.” Brian is the co-author of “Insider Trading” and “Securities Fraud,” 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.

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.


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.


Jenna Dabbs is a partner at Kaplan Hecker & Fink LLP.  She is an experienced trial and appellate lawyer whose practice focuses on government and internal investigations, white collar criminal defense, complex civil litigation and regulatory compliance.  In 2020, Chambers ranked Jenna as one of New York’s top “Up and Coming” litigators in white-collar crime and government investigations, with their sources describing her as “a phenomenal lawyer” who is “really good with people, and is able to take complex issues and boil them down.”  Jenna is a former federal prosecutor with extensive trial and investigative experience in both the public and private sectors.

Jenna draws on that experience to represent individuals and corporations in internal investigations and in a wide variety of government and regulatory investigations by the DOJ, the SEC, the CFTC, FINRA and other regulatory agencies. Among other things, those investigations involve securities and corporate fraud, insider trading, market manipulation, money laundering, tax fraud and public corruption.  She also represents individuals and corporations in complex contract and employment disputes and other crisis situations. Her clients include a Fortune 500 government contractor, a large mutual insurance company, a prominent global consulting firm, and several private equity and investment management firms. She also represents executives and directors of large financial institutions; pharmaceutical, logistics, and industrial conglomerates; and other companies.

Jenna served as an Assistant United States Attorney in the Southern District of New York from 2006 to 2014.  She has served as lead or co-lead counsel in numerous federal criminal trials and directed and supervised hundreds of investigations in a wide variety of matters.  Jenna has also briefed and argued numerous criminal appeals before the U.S. Court of Appeals for the Second Circuit.

Following her career in the U.S. Attorney’s Office and prior to joining Kaplan Hecker & Fink, Jenna served as Senior Counsel at Pershing Square Capital Management, L.P., an SEC-registered investment manager.  At Pershing, Jenna was responsible for litigation, regulatory matters, and compliance, principally in the areas of trading, cybersecurity and data security and privacy.

Jenna clerked for the Hon. Denise Cote of the U.S. District Court for the Southern District of New York. She received her law degree from Columbia University in 2001, where she was a senior editor of the Law Review, a Harlan Fiske Stone Scholar and a Public Interest Fellow. Jenna graduated with high honors from Wesleyan University in 1998.


Manal Sultan is currently the Deputy Director for the Division of Enforcement and is in charge of the Division’s New York office. Ms. Sultan represented the Division in many enforcement actions, including virtual currency matters, which are filed in the United States District Court and focus on allegations of manipulation, fraud, and trade practice misconduct. She has also successfully negotiated and settled many actions including benchmark cases and spoofing cases. Prior to being appointed Deputy Director, she has served as a chief trial attorney with the Division of Enforcement at the CFTC in New York. She also served as the Squad Leader of the Manipulation and Disruptive Trading squad of the Division. Ms. Sultan is a graduate of Fordham Law School. In addition, she holds an MBA in finance and information technology.


Niketh Velamoor, Senior Vice President, joined Neuberger Berman in 2018 as Senior Anti-Corruption and AML Officer. Previously he worked in the U.S. Attorney’s Office, Southern District of New York, where he was an Assistant U.S. Attorney in the Complex Frauds & Cybercrime and Money Laundering & Asset Forfeiture units. Prior to joining the U.S. Attorney’s Office, he was a litigation associate at several law firms and a law clerk for Judge Stephen Robinson, in the Southern District of New York. He received a J.D. from Harvard Law School and a B.A. from Columbia University.


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.


Simona Suh is an Assistant Regional Director in the Enforcement Division of the SEC and a member of the Division’s nationwide Market Abuse Unit.  She has been a key contributor to many SEC enforcement actions, including multiple insider trading cases, as well as cases involving market manipulation, unregistered securities offerings, misleading statements in dark pool operations, and other types of misconduct.  Before joining the SEC in 2004, Ms. Suh was in private practice in New York City and clerked for the Honorable Richard J. Cardamone of United States Court of Appeals for the Second Circuit and for the Honorable Carol B. Amon of the United States District Court for the Eastern District of New York.  Ms. Suh received her J.D., magna cum laude, from the Fordham University School of Law in 2001, and later taught legal writing at that law school.  She received her B.B.A. in Public Accounting, summa cum laude, from Pace University in 1998.