Wednesday, April 6, 2011
The SEC is alleging that the insider trading scheme began in 1994 while this guy was a summer associate and continued until very recently. That's really incredible. This guy apparently sat through a legal ethics class, presumably a corporate law class, and a securities reg class at NYU where he went to law school. I'm sure he was taught all about insider trading laws while there. Presumably, he also took and passed the MPRE where there is undoubtedly an emphasis on client confidences and the obligations of the profession. I'm also assuming he sat through countless CLE sessions at the various firms he worked where people were admonished to take client confidences seriously and where they were presumably instructed on their obligations with respect to inside information. All that ... and still ...
Here's a pictorial of today's allegations against the former M&A lawyer at WSGR(c/o the SEC):