1. Accused Inside Trader Extradited from Hong Kong to Face US Trial

    Trent Martin, an Australian financial analyst accused by the Securities and Exchange Commission of insider trading while working in New York, will be extradited to the US for trial. From Joan Hon at law firm Reed Smith

    “On January 4, 2012, Martin appeared in Hong Kong’s Eastern Magistrates Court, where he did not challenge the extradition order and signed the required consent. Martin has been charged with one count of conspiracy to commit securities fraud and one count of securities fraud. The conspiracy charge carries a maximum potential penalty of five years in prison and a fine of $250,000, or twice the gross gain or loss from the offense. The securities fraud charge carries a maximum penalty of 20 years in prison and a maximum fine of $5 million. Both are quite heavy consequences considering that Martin’s trades yielded him less than US$8,000 profit.”

    Read the full update, Insider Trader Arrested in Hong Kong – First Such Extradition in a Decade - Reed Smith»