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Tagged Posts: reasonable investor’

Insider Trading on the Green (Part 2)

September 19, 2015

SEC v. McPhail.

According to the SEC, McPhail’s source of inside information was a member of AMSC’s senior management, who became close friends with McPhail as members of the same country club.[1]  The SEC complaint shows that the two developed a close bond over the years, communicating almost daily and playing golf together, and exchanged intimate and confidential details about their personal and professional lives, relying on each other for support and advice.[2]  Unbeknownst to the AMSC executive, however, McPhail was in for something else.  … Read the rest

Insider Trading on the Green (Part 1)

September 12, 2015

When it comes to securities law violations, people tend to think that the SEC only goes after big fish, but that is plainly not true.  We mentioned in our previous blog series on exempt offerings (available here) that there is no exception for small guys.  We also looked at the SEC’s broken windows enforcement policy (available here and here), under which the agency vows to pursue all types of violations, big and small.  Insider trading, in particular, seems to be an area where seemingly ordinary people get caught often, after mistakenly believing that their small-scale violations and private (sometimes coded) communications would go unnoticed. … Read the rest

All postings are intended to be planning tools to familiarize readers with some of the high-level issues discussed therein. No posting is intended to be a comprehensive discussion and additional details should be discussed with your transaction planners including attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. This article should not be treated as legal advice to any person or entity.


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