Morrison & Foerster has issued a 2011 Insider Trading Annual Review. In 2011, the government continued to make insider trading a top enforcement priority and has given every indication that it will continue to do so in the future. According to the report, the Department of Justice won a conviction at trial in the biggest insider trading case in decades. In the rest of its insider trading trials, the government had a perfect record. However, the government often did not get what it sought at sentencing, with sentencing judges frequently handing down sentences that were below the Sentencing Guidelines range and below what the government had requested.
The Annual Review provides an overview of 2011 insider trading activity and provides an in-depth discussion of developments and notable cases. It also discusses sentencing and legislative reform, including the impact of Dodd-Frank.