Milbank Litigation partner Antonia Apps commented in a Wall Street Journal article titled “U.S. Gets Easier Path to Insider-Trading Convictions.” The article discusses the widely anticipated insider-trading decision on the conviction of former SAC Capital Advisors LLP portfolio manager Matthew Martoma. The August 23, 2017 ruling by the United States Court of Appeals for the Second Circuit found that there is no longer a need for the government to show a “meaningfully close personal relationship” between the provider of insider information and the recipient of the tip, rejecting a portion of a previous Second Circuit decision, widely known as US v Newman.
Ms. Apps, who was the lead prosecutor at the trial and on appeal of the landmark Newman case while she served as an Assistant US Attorney for the Southern District of New York, notes that this recent decision “is significant for the industry because it removes an additional hurdle for prosecutors in bringing insider trading cases.”
Prior to joining Milbank, Ms. Apps served for more than seven years at the Southern District of New York, Criminal Division, where she led many of the government’s highest-profile securities fraud and insider trading cases, and as a member of the Securities and Commodities Fraud Task Force. She is a frequent speaker at white collar and securities enforcement programs and panels, including numerous panels discussing the implications of the Newman decision.
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