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Texas Gulf Sulphur Co. [1] is a case from the United States Court of Appeals for the Second Circuit which articulated standards for a number of aspects of insider trading law under Section 10(b) of the Securities Exchange Act and SEC Rule 10b-5. In particular, it set out standards for materiality of inside information, effective disclosure of ...
Texas Gulf Sulphur Co. was a landmark of the jurisprudence of insider trading in the United States. In 1971, S.E.C. v. Texas Gulf Sulphur became the first insider trading case to be litigated in federal courts in American history, making the beginning of disgorgement in S.E.C. cases.
Several arguments against outlawing insider trading have been identified: for example, although insider trading is illegal, most insider trading is never detected by law enforcement, and thus the illegality of insider trading might give the public the potentially misleading impression that "stock market trading is an unrigged game that anyone ...
A Texas man who made $1.7 million in illegal profits by buying and selling stocks based on his wife’s private work calls has pleaded guilty to insider trading.
That said, the case went to the U.S. Supreme Court and continues to be an important one in defining what insider trading really is in a legal sense. 4. Goldman Sachs/BusinessWeek
The prosecution argued that leaders lied to Wall Street and investors about "crumbling finances". Eight former Enron executives testified, the star witness being Andrew Fastow, against Lay and Skilling, their former employers. [2] The jury reached its verdict on May 25, 2006, convicting both Lay and Skilling.
And it’s reigniting insider-trading concerns Nancy Pelosi’s husband dumped 2,000 Visa (V) shares in July — just weeks before the payments giant was sued by the U.S. Department of Justice ...
The Raj Rajaratnam/Galleon Group, Anil Kumar, and Rajat Gupta inside trading cases are parallel and related civil and criminal actions by the U.S. Securities and Exchange Commission and the United States Department of Justice against three friends and business partners: Galleon Group hedge fund founder-owner Raj Rajaratnam and former McKinsey & Company senior executives Anil Kumar and Rajat Gupta.