Mr. Ross is currently representing a Ukrainian national who was accused by the SEC of violating insider trading laws by trading on information allegedly obtained through computer hacking. Southern District of New York Judge Naomi Reice Buchwald ruled that the defendant is not liable under § 10(b) of the Securities and Exchange Act because he owed no duty either to the source of the information or to those he transacted with in the market. The SEC has appealed the ruling.
New York Times | February 15, 2008
“Make Big Profits Illegally (and Maybe Keep Them, Too)”
New York Law Journal | January 24, 2008
“No ‘Insider Trading’ Found in Alleged Data Hacking”