Securities fraud

American Criminal Law Review, March, 2003 by Joseph Conahan

I. INTRODUCTION

II. ELEMENTS OF THE OFFENSE A. Substantive Fraud 1. Material Misrepresentations and Omissions a. Misstatements and Omissions b. Materiality c. Intent i. Scienter ii. Willfulness d. Reliance e. Entanglement Liability 2. Insider Trading a. The Classical Theory b. The Misappropriation Theory c. Strict Regulation Under Rule 14e-3 of Non-public Information Regarding Tender Offers d. Use Versus Knowing Possession of Inside Information B. Defining Offer, Purchase, or Sale of a Security 1. Definition of "Security" a. Stocks and Notes Lacking a Profit Motive b....