Summary: Antonia Apps has resigned from the U.S. Attorney’s office in Manhattan to work in private practice at Milbank, Tweed, Hadley & McCoy.
Reuters reports that Antonia Apps has left her position with the Manhattan U.S. Attorney’s office to join the New York firm Milbank, Tweed, Hadley & McCloy as a partner. She will begin on September 22.
Apps was formerly a lead prosecutor in the United States’ insider investigation of SAC Capital Advisors. Last year, she assisted with obtaining a $1.2 billion plea deal from SAC Capital. She also took the lead on the criminal conviction of SAC portfolio manager Michael Steinberg, who was charged with trading based on illegal tips about Dell Inc. and Nvidia Corp. Steinberg received three and a half years in prison and is appealing the sentence. Todd Newman, former portfolio manager at Diamondback Capital Management, and Anthony Chiasson, co-founder of Level Global Investors, were convicted with Steinberg and are also appealing their sentences. Their position is that the government should have had to show that the insider who disclosed private information received a benefit for the tip. During the appeal, which Apps argued, many 2nd Circuit Court of Appeals judges seemed understanding of this position.
Apps has prosecuted over twenty insider trading cases. She has stated that the cases her department prosecuted under Manhattan U.S. Attorney Preet Bharara had helped prevent misconduct. In fact, since Bharara took office in 2009, 81 people have been convicted of insider trading.
Apps was previously with Kellogg, Huber, Hansen, Todd, Evans & Figel before she joined the U.S. Attorney’s office in 2007.
Steven A. Cohen of SAC Capital has not been charged. The U.S. Securities and Exchange Commission is pursuing an administrative case against him for failing to supervise Steinberg and other portfolio managers to prevent insider trading. He maintains his innocence.
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