Asian Institute of International Financial Law
Faculty of Law, The University of Hong Kong
Insider Trading in the USA — Martha Stewart, Mark Cuban, and Continued Ambiguity
Professor Marc I. Steinberg
Kerry Holdings Visiting Fellow, Faculty of Law, HKU
Rupert and Lillian Radford Chair in Law, SMU Dedman School of Law
Wednesday, 20 November 2019
12:30 – 1:30 PM
Academic Conference Room, 11/F Cheng Yu Tung Tower
The University of Hong Kong
For the past four decades, U.S. government prosecution of insider trading has been a top priority. In this presentation, Professor Steinberg focuses on the ambiguity of US Law and its application in two seminal cases in which he served as an expert witness — the criminal prosecution of Martha Stewart and the US Securities and Exchange Commission (SEC) enforcement proceeding against Mark Cuban. Compared to the Australian, European Union and Hong Kong frameworks, the US regimen has unacceptable ambiguity, doctrine and application — all too often resulting in disparate treatment of similarly situated persons. In this presentation, Professor Steinberg, a former SEC enforcement attorney, will address the current status of insider trading law in the US from both historical and contemporary perspectives. For scholarship by Professor Steinberg on insider trading, see, e.g., Insider Trading (3d edition Oxford Univ. Press 2010) (coauthored); Securities and Exchange Commission v. Cuban — A Trial of Insider Trading (Twelve Tables Press 2019). Professor Steinberg is the editor-in-chief of The International Lawyer published by the International Law Section of the American Bar Association.
Marc I. Steinberg, Rupert and Lillian Radford Chair in Law and Professor of Law at the Southern Methodist University (SMU) Dedman School of Law. He is the Director of the SMU Corporate Counsel Externship Program, the former Director of SMU’s Corporate Directors’ Institute, the former Senior Associate Dean for Academics, and the former Senior Associate Dean for Research at the Law School. Prior to becoming the Radford Professor, Professor Steinberg taught at the University of Maryland School of Law, the Wharton School of the University of Pennsylvania, the National Law Center of the George Washington University, and the Georgetown University Law Center. His experience includes appointments as a Visiting Professor, Scholar and Fellow at law schools outside of the United States, including at Universities in Argentina, Australia, China, England, Finland, Germany, Israel, Italy, Japan, New Zealand, Scotland, South Africa, and Sweden. In addition, he has been retained as an expert witness in several significant matters, including Enron, Martha Stewart, Belnick (Tyco), and Mark Cuban. Professor Steinberg was an enforcement attorney at the U.S. Securities and Exchange Commission, and thereafter became special projects counsel. In that position, he directly assisted the SEC’s General Counsel in a wide variety of projects and cases and served as the General Counsel’s confidential legal adviser. Professor Steinberg has authored approximately 40 books and 150 law review articles, is editor-in-chief of The International Lawyer, editor-in-chief of The Securities Regulation Law Journal, and is an adviser to The Journal of Corporation Law. Professor Steinberg is a member of the American Law Institute.