Partners Robert J. Anello and Brian A. Jacobs Publish Two Chapters in Law Journal Press Treatise Entitled “White Collar Crime: Business and Regulatory Offenses.”

May 14, 2021

NEW YORK, May 14, 2021 – Morvillo Abramowitz partners Robert J. Anello and Brian A. Jacobs collaborated to update Chapter 12, Securities Fraud, and Chapter 12A, Insider Trading, in Law Journal Press’ treatise entitled, White Collar Crime: Business and Regulatory Offenses. The update to Chapter 12 addresses SEC enforcement actions arising from spoofing-­related activity and SEC guidance on the factors that determine whether cryptocurrency and digital assets are securities under the federal securities laws. The chapter also discusses Liu v. SEC, in which the Supreme Court upheld disgorgement of illicit gains as an equitable remedy in SEC enforcement actions, but considered whether such a disgorgement award may exceed a wrongdoer’s net profits. The update to Chapter 12A addresses the latest developments in the case of United States v. Blaszczak, in which the Second Circuit in late 2019 considered whether 18 U.S.C. § 1348 requires the government to prove the breach of a duty of confidence in exchange for a personal benefit. In January 2021, the Supreme Court vacated the Second Circuit’s opinion and remanded for further consideration in light of Kelly v. United States, the “Bridgegate” case relating to what qualifies as “property.” Although the Supreme Court’s vacatur in Blaszczak did not relate to the Second Circuit’s personal­ benefit holding, the Supreme Court’s actions created uncertainty as to the degree to which Blaszczak’s personal­ benefit holding remains good law.

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