Panuwat
Securities and Exchange Commission v. Panuwat
Opinion
trial_court Opinion
1 2 3 4 UNITED STATES DISTRICT COURT 5 NORTHERN DISTRICT OF CALIFORNIA 6 7 SECURITIES AND EXCHANGE Case No. 21-cv-06322-WHO
COMMISSION,
8 Plaintiff, PRETRIAL ORDER RULING ON 9 MOTIONS IN LIMINE v. 10 Re: Dkt. Nos. 98, 107
MATTHEW PANUWAT,
11 Defendant.
12 13 At the Pretrial Conference on February 26, 2024, I heard argument on the parties’ motions 14 in limine. My rulings follow. 15 I. PANUWAT’S MOTIONS IN LIMINE 16 A. Preclude Use of the Phrase “Insider Trading” 17 Panuwat moves to preclude the SEC from using the phrase “insider trading” throughout its 18 case. See Defendant’s Motions in Limine (“Def. Mot.”) [Dkt. No. 107] 1:22-3:24. DENIED. 19 Many courts have recognized misappropriation as a form of insider trading. While it is 20 true that “[t]he misappropriation theory reaches trading by corporate outsiders, not insiders,” see 21 S.E.C. v. Talbot, 530 F.3d 1085, 1091 (9th Cir. 2008), and that the misappropriation theory 22 “premises liability on a fiduciary-turned trader’s deception of…