Policy Scoop Podcast Features Ian McGinley on Historic Crypto Insider Trading Case
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The podcast series Policy Scoop with Aislinn Keely, for its episode “Former SDNY prosecutor breaks down crypto's first insider trading case,” featured Akin Gump white collar defense and government investigations partner Ian McGinley in a conversation on a historic recent case.
McGinley, who served in the Southern District of New York as Co-Chief of the Complex Frauds and Cybercrime Unit of the U.S. Attorney’s Office and as a member of the Securities and Commodities Fraud Task Force, discussed the case of a staffer at NFT marketplace OpenSea who was charged by the Department of Justice with insider trading.
The interview starts with reference to McGinley’s article “Expect indictments in the NFT space soon” and why he was expecting to see the government move in this new arena. McGinley then talks about picking up on the OpenSea case in fall 2021 and wondering about its progress, particularly the tack the government might take in prosecuting it, predicting correctly that the government would charge insiders under the wire fraud statute.
McGinley discusses, among other topics, the charges usually brought in an insider trading case and how it differs from the OpenSea case, including the applicability of Carpenter v. United States to this matter.
To hear the full episode, click here.