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Insider Trading Law 2020


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

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 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 2019, Antonia was named in Crain’s New York Business’s “Notable Women in Law” list in recognition of her distinguished career. She is a frequent speaker at industry conferences and teaches a class at Harvard Law School on white collar criminal law and procedure.


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.  Many of these matters 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. 


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.


An experienced trial lawyer and former federal prosecutor, 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 law 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.

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. The Legal 500 US notes that David has been praised by industry insiders for his “sharp mind, strategic thinking and client-focused advice.” He has been recognized as a New York Super Lawyer in the area of white-collar criminal defense, 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 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, has been selected to the New York “Super Lawyers” list from 2015 through the present, is regularly quoted in the news media, and often appears on television news programs providing expert opinion. David is also a technical advisor for a popular television drama series.


Andrea M. Griswold is currently the Deputy Chief of the Securities and Commodities Task Force within the United States Attorney’s Office in the Southern District of New York. Prior to her current position, Ms. Griswold previously served as an Assistant United States Attorney in the Securities and Commodities Fraud Task Force for more than five years years. Since joining the Office in 2013, 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 team that investigated and successfully prosecuted Michael Cohen, the former attorney to the President of the United States. In her work as part of the Securities and Commodities Task Force, Ms. Griswold has investigated and prosecuted a variety of white collar cases including those involving allegations of market manipulation, accounting fraud, valuation fraud, and insider trading. Most recently, Ms. Griswold led the criminal investigation that resulted in the 2019 indictment of senior executives at the Abraaj Group, now the world’s largest failed private equity firm, on charges that the defendants inflated the valuation of private equity investments and misappropriated investor funds, causing hundreds of millions of dollars in losses to investor-victims.                          

Ms. Griswold has also successfully prosecuted several securities fraud trials, including, most recently, the July 2019 conviction of Anilesh (“Neil”) Ahuja, the founder of NYC-based investment firm Premium Point Investments (“PPI”), and Jeremy Shor, a senior trader at PPI, for their participation in a scheme to inflate the net asset value reported to investors for hedge funds managed by PPI, by more than $100 million.

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.


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 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.

In 2017, Brian was named a white collar “Rising Star” by Law360, which recognizes “attorneys under 40 whose legal accomplishments transcend their age.” In 2016, Brian 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.

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. Brian served on Law360’s 2018 white collar editorial advisory board. In addition, Brian is 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.


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.


Jason Cowley is a partner in the New York and Charlotte offices of McGuireWoods LLP, where he is a member of the firm’s Government Investigations and White Collar Litigation department.  He principally represents financial institutions, investment funds, corporations, and executives in criminal investigations and trials, regulatory enforcement proceedings, and complex civil litigation.  Prior to joining McGuireWoods, he served for over thirteen years in the Department of Justice including as an Assistant United States Attorney for the Southern District of New York from 2011 to 2020.  During his tenure at SDNY, Jason served as Co-Chief of the Office’s Securities and Commodities Fraud Task Force and Chief of the Office’s Money Laundering and Asset Forfeiture Unit.  As a prosecutor, Mr. Cowley tried over a dozen federal criminal jury trials. 


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.


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.


Rebecca Monck Ricigliano is a partner in the White Collar and Regulatory Enforcement Group in New York, and a member of the group's Steering Committee. Rebecca is an experienced trial and investigations lawyer, who served as a federal prosecutor in the Southern District of New York and as the second highest ranking executive at the New Jersey Attorney General's office. She conducts internal investigations for foreign and domestic clients and represents individuals and companies in grand jury and regulatory investigations, criminal trials, and civil enforcement actions. In 2020, Chambers USA recognized Rebecca as a leading white collar lawyer.

Prior to joining Crowell & Moring, Rebecca served as an Assistant United States Attorney in the Southern District of New York, where she held various supervisory positions including Chief of the Narcotics Unit and Senior Trial Counsel in the Public Corruption Unit. She was also a member of the Securities and Commodities Fraud Task Force. At SDNY, Rebecca first-chaired several jury trials and briefed and argued multiple cases before the U.S. Court of Appeals for the Second Circuit. She successfully tried a high-profile accounting and securities fraud case against the former CEO and CFO of a major drug store chain. 

Rebecca also led investigations and prosecutions of members and associates of foreign terrorist organizations for material support and hostage taking, and high-ranking cartel members for narcotics and money laundering offenses. Rebecca led the 2013 Medicaid fraud investigation and prosecution of 49 then-current and former Russian diplomats, and conducted an investigation of campaign financing violations related to a United States Senate race. Rebecca has been recognized by her colleagues for her efforts, receiving the Federal Drug Agents Foundation True American Hero Award and the Council of the Inspectors General on Integrity and Efficiency Investigations Award for Excellence.

Rebecca also served as the First Assistant Attorney General of New Jersey, where she supervised complex criminal investigations and prosecutions and affirmative Consumer Fraud and False Claims Act cases. She regularly provided strategic legal and policy counsel to the Attorney General and the Division of Consumer Affairs, the Division of Criminal Justice, and the New Jersey State Police.

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.


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.