On Thursday, June 29, 2023, the Securities and Exchange Commission (sec) announced the filing of four civil insider trading cases involving a variety of alleged insider trading violations. These cases were brought against a total of 13 defendants. Simultaneously, the Department of Justice (DOJ), through the U.S. Attorney's Office for the Southern District of New York (SDNY), issued parallel criminal indictments against a subset of 10 of the same individuals. Director of the SEC's Division of Enforcement, Gurbir Grewal, issued a statement noting the seriousness of insider trading by public company insiders, stating that the actions “reaffirm [the SEC's] commitment to leveraging all the tools at our disposal, including our data analytics initiatives, to investigate these abusive trading practices, hold accountable bad actors and ensure the integrity of our markets.” U.S. Attorney for the SDNY Damian Williams echoed the sentiment, warning that “[i]nsider trading is not a quick buck…[i]t's a ticket to prison.”
Source: SEC and DOJ Announce Four New Insider Trading Cases Against Multiple Defendants