Insider Trading: The SEC Meets Carl Karcher

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Abstract
In the 1980s, the Securities and Exchange Commission stepped up its enforcement of insider trading violations. This article examines, by means of an intensive case study, the intricacies involved in proving both civil and criminal insider trading charges. The case offers important insights about the way that insider trading cases are perceived, handled, and adjudicated; it also provides empirical evidence regarding the considerable difficulty of litigating a white-collar offense. The accused can afford effective and astute legal representation; the offense is essentially financial, with no eyewitness testimony or visible victims to take the stand; and the defendants are well-respected, established members of the community.

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