The SEC regularly brings insider trading cases under Section 10(b) of the Securities Exchange Act of 1934 against company officers, directors, employees, or other insiders, as well as gatekeepers, such as investment bankers or lawyers involved in merger and acquisition activities, who have access to and misuse material non-public information (MNPI) received in such capacity, in breach of a duty of confidence. The SEC also regularly charges friends, family members, and individual or professional traders who receive tips from such insiders regarding MNPI and use such MNPI to trade on their own behalf or in funds or accounts that they manage. While SEC enforcement priorities appeared to have shifted significantly during Q1 2025, the SEC nevertheless brought a number of insider trading cases during the quarter as usual. We have summarized some of the perpetrators and facts presented by such cases and reminders for clients.