Insider Trading in Sacramento
There are two different kinds of insider trading. One is legal and refers to when officers and employees of a business buy and sell stock in their own company. The other kind is illegal and is when individuals buy or sell securities, in breach of either their fiduciary responsibilities or relationship of confidence and trust. Even tipping a friend, family member or another party with privy information resulting in securities trading, can be considered as insider trading.
Securities and Exchange Commission
The Securities and Exchange Commission (SEC) considers insider trading violations as one of its top priorities and seeks to detect and prosecute anyone responsible for insider trading. This is because the securities market requires a certain level of fairness and integrity for investors and potential investors. Individuals who are privy to confidential information, and who use that information to profit financially, or help others profit, are doing so to the detriment of the business , the stock market and the economy.
Most financial crimes and other non-violent crimes, are not viewed by the public at large as being on the same level as drug crimes or sex crimes, although in many cases they should be. Crimes such as insider trading are serious offenses and can have the potential to severely impact and damage the lives of thousands of people. Two of the more highly publicized insider trading cases in recent years included:
- The ImClone case wherein Martha Stewart and her stock broker were convicted of obstruction of justice charges relating to insider trading and the sale of her ImClone stock. Martha Stewart received a 10 month sentence and a $30,000 fine as a result of her conviction. The CEO of ImClone was convicted of six counts of insider trading and fraud, during the same case, and was sentenced to 87 months in prison and $3 million dollars in fines.
- The Enron case, in which Jeffrey Skilling, the former Enron president was convicted of 19 counts of insider trading. He received a 24 year sentence and a $45 million dollar fine.
The law about insider trading is exceptionally complex, that is why it is vital you have the highest quality representation if you or a loved one is being investigated for, or has been charged with insider trading. The SEC and federal authorities will spare no expense when it comes to investigating and prosecuting individuals suspected of insider trading. We advise you seek immediate counsel from a Sacramento criminal defense lawyer at the firm so that your case can be closely evaluated, your questions can be answered and an effective criminal defense can be prepared on your behalf.
Your Legal Options
The attorneys at Wise Law Group, PC have extensive experience in all aspects of criminal defense law. Michael Wise himself, is an extremely accomplished criminal defense attorney, who is highly respected by his peers, the courts he practices in, and even the District Attorneys he goes up against in court. Having been a former prosecutor for 10 years, Mr. Wise is able to bring a certain perspective and knowledge to the table which other attorneys are not able to provide.
In the last 20 years in practice, Mr. Wise has earned himself a reputation as an aggressive criminal law litigator. He has attained a high record of success for his clients. He has also gained the respect and trust of the Department of Justice and various law enforcement agencies where he often is asked to instruct or speak about criminal law, trial tactics, litigation and more.