Mystery Trader’s Debt-Ceiling Windfall Sparks Insider Concerns

June 06, 2023

Cadwalader partner Philip Khinda, who leads the firm’s SEC enforcement practice, was quoted in a Bloomberg story that examined an options trader’s big bet on a natural pipeline approval that was a late addition to the federal government’s recent debt-ceiling deal, which has raised concerns around trading on confidential information.

“The challenge for investigators isn’t just to learn if information was shared, but to uncover the intent in sharing it,” Khinda told Bloomberg. “These are very difficult cases to bring, because of both the legal and investigative complications they pose.”

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