In recent years there has been dramatic growth in the hedge fund industry, accompanied by an equally sizable increase in the public notoriety of such funds. Hedge funds currently control a substantial portion of trading in many financial markets and are subject to less federal regulation than nearly any other type of financial entity or institution. The US Securities and Exchange commission (SEC) recently made cases involving insider trading within hedge funds a priority, a change that can be attributed to the perception that there is widespread insider trading in these funds. This note illustrates why the structure of hedge funds makes them prone to instances of insider trading and why the SEC struggles to deal with this problem. Hedge funds are structured to avoid tax consequences and...
In United States v. O'Hagan, the Supreme Court established that there are two complementary theories of insider trading liability, each with a fiduciary principle at its core. Under the "classical" theory, liability is premised on a fiduciary's deceptive silence about material nonpublic information in a securities transaction with corporate shareholders. Under the "misappropriation " theory, liability is premised on a fiduciary's deception of the source of the material nonpublic information used in the securities transaction. This Article analyzes the law of insider trading, with a focus on developments since O'Hagan. Based on a comprehensive review of lower-court decisions, settled enforcement proceedings, and rules promulgated by the Securities and Exchange Commission, it argues that...
Joseph Nacchio, former CEO of Qwest, is currently serving a six-year sentence for insider trading. Nacchio was convicted of insider trading after he exercised his Qwest stock options at the same time he received information that Qwest's 2001 earnings were in danger of falling nearly one billion dollars short of projected revenue estimates. The Tenth Circuit's decision in Nacchio II is problematic for two reasons: first, the court conflated the requirements of Rule 16 disclosures and the Daubert standard for qualifying experts by creating an onerous burden on defendants attempting to admit expert testimony at the early stages of trial. The Tenth Circuit's decisions in the Nacchio line of cases will impact corporate officials who are honestly trying to comply with insider trading laws, an...
Hollywood is a land of secrets, often only exposed in the latest tabloid magazines lining grocery store checkout lines. But after 20 years, Hollywood insider Christine Schwab has decided to voluntarily reveal some truths in her new book, "Take Me Home from the Oscars" (Skyhorse, $25).
Since the earliest days of the Internet, copyright issues and intellectual property rights have been among the hottest of hot-button issues for Internet users. Today, American copyright law dictates that any original work fixed in a "tangible form of expression" is bound by copyright. Enter Creative Commons, an 8-year-old nonprofit that serves as a digital tour guide for intellectual property licenses. The Creative Commons Web site offers free digital licensing and a brief explanation of copyright laws. Creative Commons offers the following four basic licensing conditions, which can be used in different combinations: 1. attribution, 2. share alike, 3. noncommercial, 4. no derivative works.
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