What’s the “target” of an insider trading investigation?
By Lawrence Delevingne
Tue Dec 7, 2010
Lawyers explain the difference between subjects, targets and witnesses. Is saying “I’m not a target!” a distinction without a difference?
Three of the firms involved in the recent insider trading
brouhaha, Diamondback Capital Management, Level Global
Investors and, most recently, Loch Capital Management, are
making it very clear to investors that they are not targets of
a government investigation. Just how big a distinction is it to
not be a so-called "target" when you’ve received
broad government subpoenas?
"As we have discussed with many of you, we met with the United
States Attorney’s Office last Tuesday and pledged
our complete cooperation," explained a letter Level Global sent
to investors November 29. "Today, we confirmed with the US
Attorney’s Office that Level Global Investors is
not a target of the Government’s investigation.
Nor, in fact, has the Firm been alleged to have...
ISSN: 2151-1845 / CDC10004H
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