SEC Enforcement “Must be Bold and Unrelenting” Ms. White Says
Mary Jo White, President Obama’s nominee to become Chairman of the SEC, testified before the Senate Committee on Banking, Housing and Urban Affairs as part of the confirmation process. While some had...
View ArticleCorporate Executive Settles SEC Insider Trading Case
The Commission filed a settled insider trading case against a corporate executive who traded in advance of a tender offer while in possession of material, non-public information. SEC v. Lackey, Civil...
View ArticleThis Week In Securities Litigation (Week ending March 15, 2013)
Mary Jo White, selected by the President as the next Chairman of the SEC, testified in her confirmation hearings before a Senate Committee this week. Ms. White promised the Committee that under her the...
View ArticleS.A.C. Capital Pays Record $600 Million In SEC Insider Trading Case
With two new insider trading settlements the SEC made it clear its on-going investigations continue to focus on S.A.C. Capital Advisors and what role the firm may have had in the scandals plaguing the...
View ArticleSEC Names Long Time Financial Adviser, Partner in Fraudulent Scheme
A long time registered representative began misappropriating client funds in 2009 and funneling them to his business partner, her two sons and the wife of one son, according to the SEC. The scheme...
View ArticleFormer Political Figure, Recidivist, Charged by SEC, USAO with Fraud
Craig Berkman, a former Oregon political figure and repeat securities law violation was charged by the U.S. Attorney’s Office in Manhattan and the SEC with operating an investment fund fraud. Investors...
View ArticleCFTC Prevails in Jurisdictional Dispute with FERC
In the 1980s the SEC and the CFTC had turf battles that ultimately ended with an accord between the two agencies. More recently the CFTC and the Federal Energy Regulatory Commission have spared over...
View ArticleThis Week In Securities Litigation (Week ending March 22, 2013)
The SEC settled two insider trading cases this week in which S.A.C. Capital was named as a relief defendant. In one it obtained the largest payment to date in an insider trading case, about $600...
View ArticleClass Actions: Fewer Settlements, More Dollars
Securities class action settlements reached a 14 year low last year in terms of the number of cases resolved, according to a new report from Cornerstone Research (here). Nevertheless, the total dollars...
View ArticleInsider Trading; Neither Admit nor Deny; and Mom
There has been a great deal of controversy about the SEC’s policy of permitting defendants to settle enforcement actions without admitting or denying the facts alleged in the complaint. While the...
View ArticleInsider Trading: Two More Cases From the USAO and SEC
The U.S. Attorney’s Office in Manhattan and the SEC filed new insider trading cases. The new actions name as defendants two market professionals and a corporate insider who is the source of the...
View ArticleBrokerage Founder and Fund Manager Charged With Fraud by SEC
A management company, its principal, a brokerage firm and its founder were charged with fraud in an administrative proceeding initiated by the Commission. In the Matter of John Thomas Capital...
View ArticleThis Week In Securities Litigation (Week ending March 30, 2013)
Insider trading continues t be the focus as the first quarter of the year came to a close. The SEC and the Manhattan U.S. Attorney’s Office brought another insider trading case against an SAC Capital...
View ArticleSEC Loses Claimed Ponzi Scheme Case At Trial
The SEC lost a claimed Ponzi scheme case following a bench trial in a decision handed down late last week. The complaint alleged that a privately held exploration company defrauded promissory note...
View ArticleSocial Media and Reg FD: The Netflix 21(a) Report
The SEC clarified its view on the use of social media in the context of making disclosures and complying with Regulation FD in an Exchange Act Section 21(a) Report of Investigation. The Report grows...
View ArticleTwo Market Professionals, Two Criminal Cases, Two Guilty Pleas
Two market professionals pleaded guilty to criminal charges related to securities transactions yesterday. In one case former stock broker Thomas Conradt pleaded guilty to one count of conspiracy and...
View ArticleThis Week In Securities Litigation (Week ending April 5, 2013)
Speculation about SAC Capital and Steve Cohen, insider trading and Facebook dominated securities enforcement litigation this week. Although SAC Capital has tentatively resolved matters for the moment...
View ArticleSEC Enforcement 1Q13, A Need to Rejuvenate
The end of the first calendar quarter is a good point to take stock of securities enforcement actions and the efforts of regulators, focusing first on basic statistics and then on significant cases...
View ArticleDOJ Charges Four Bizjet Executives With FCPA Violations
The Department of Justice unsealed four FCPA indictments last week against individuals involved in the Bizjet International Sales and Support, Inc. cases settled last year. The charges were brought...
View ArticleSEC Files Settled FCPA Action
The SEC filed its first Foreign Corrupt Practices Act case of the year, a settled administrative proceeding which named Philips Electronics as a Respondent. In the Matter of Koninklijke Philips...
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