David Smyth

David Smyth

Brooks Pierce

Contact  |  View Bio  |  RSS

Latest Publications

Share:

Pulling Mark Filip from UVA Rape Investigation Makes “Independence” a Silly Talisman

I really don’t mean to be a mouthpiece for Kirkland & Ellis white collar lawyers. But they’ve been in the news in recent days, this time in connection with this horrific story about widespread sexual assaults at the...more

11/25/2014 - Internal Investigations Investigations Sexual Assault University of Virginia

Michael Garcia Now Just Taunting FIFA

And I say that in the most complimentary way. If you haven’t been following this story, here’s a quick recap: FIFA awarded the 2018 and 2022 World Cups to Russia and Qatar, respectively. This raised eyebrows, as they say. ...more

11/21/2014 - Corruption FBI FIFA Internal Investigations Michael Garcia Qatar Russia World Cup

Proposed “Fair Fund” for CR Intrinsic Case Stirs Dustup among SEC’s Commissioners

In the right kind of enforcement action, the SEC can take the money it’s generated and set up what’s called a Fair Fund to redistribute that money to harmed investors. But what is the right kind of case? This procedure was...more

11/13/2014 - Enforcement Enforcement Actions Fair Fund Sarbanes-Oxley SEC

SEC and FINRA Issue Risk Alert on Penny Stock Companies

I’m not your legal advisor. And I’m definitely not your investment adviser. But the first rule of penny stock companies should be: do not invest in penny stock companies. I mean, does that seem like a smart thing to do? ...more

11/12/2014 - EDGAR FINRA Investors OTC SEC Stocks

SIFMA Issues Cybersecurity Regulatory Principles

Does everyone feel compelled to comment on cybersecurity issues? It seems that way. And on October 20th the Securities Industry and Financial Markets Association jumped deeper into the fray when it issued its Principles for...more

11/7/2014 - Cybersecurity Cybersecurity Framework NIST SIFMA

SEC Sanctions Auditor, Should Make Small Issuers Think Twice

The SEC brought a settled administrative action against an auditor on October 24th. Often I’ll take a case like this and write something about it to warn other auditors (or investment advisers or broker-dealers, or whomever)...more

11/4/2014 - Auditors Audits Broker-Dealer Compliance Enforcement Investment Adviser SEC

Rengan Rajaratnam Settlement Exposes Weak Point in SEC’s Newish Admissions Policy

You remember Rengan Rajaratnam, right? He broke the S.D.N.Y.’s long streak of insider trading victories when a jury acquitted him in July. I wondered what the effect on his case with the SEC would be. Would he settle? ...more

10/27/2014 - Admissions Chief Compliance Officers Compliance Insider Trading SEC

SEC Issues Risk Alert, Smacks E*Trade on Penny Stock Sales

On October 9th the SEC brought a settled administrative action against E*Trade Securities and G1 Execution Services (formerly E*Trade Capital Markets) for their part in the unregistered sales of billions of shares of penny...more

10/24/2014 - Broker-Dealer E*Trade Enforcement Actions Risk Alert SEC

DOJ’s Marshall Miller: You’re All FCPA Lawyers Now

Marshall Miller, the Justice Department’s principal Deputy Assistant Attorney General for the Criminal Division, has been heating up the compliance conference circuit in recent weeks. On September 17th, it was the Global...more

10/22/2014 - BNP Paribas Chief Compliance Officers Compliance Corporate Culture DOJ Ethics FCPA FCPA Resource Guide Professional Conferences Risk Management SEC

Wrapping up Securities Enforcement Forum 2014

I was lucky enough to spend Tuesday at Bruce Carton’s Securities Enforcement Forum 2014. In three years, it has gone from zero to the preeminent securities enforcement law conference anywhere. I blogged it hurriedly...more

10/17/2014 - Compliance Enforcement Enforcement Actions FCPA SEC

Securities Enforcement Forum 2014 — SEC/FINRA Investigations & Cybersecurity Priorities

Yesterday I blogged from the Securities Enforcement Forum 2014, Bruce Carton’s excellent one-day conference, held at the Four Seasons hotel in Washington, D.C. The posts will be fairly raw, and certainly not verbatim...more

10/16/2014 - Cybersecurity FINRA SEC Strategic Enforcement Plan

Securities Enforcement Forum 2014 — Directors Panel

Yesterday I blogged from the Securities Enforcement Forum 2014, Bruce Carton’s excellent one-day conference, held at the Four Seasons hotel in Washington, D.C. The posts will be fairly raw, and certainly not verbatim...more

10/16/2014 - Big Data DOJ Insider Trading Investment Adviser Market Access Rule Market Manipulation MCDC OCIE Pyramid Schemes SEC Strategic Enforcement Plan

Securities Enforcement Forum 2014 — Current Developments in Trials, Testimony, Wells, APs and Settlements

Yesterday, I blogged from the Securities Enforcement Forum 2014, Bruce Carton’s excellent one-day conference, this year held at the Four Seasons hotel in Washington, D.C. The posts will be fairly raw, and certainly not...more

10/16/2014 - Professional Conferences SEC Strategic Enforcement Plan

Securities Enforcement Forum 2014 — FCPA, SEC/DOJ Joint Actions, and Other Recent Criminalization Trends

Today I’m blogging from Securities Enforcement Forum 2014, Bruce Carton’s excellent one-day conference, this year being held at the Four Seasons hotel in Washington, D.C. The posts will be fairly raw, and certainly not...more

10/15/2014 - Compliance Criminalization DOJ Enforcement Actions FCPA Joint Plan of Action SEC Strategic Enforcement Plan

Securities Enforcement Forum 2014 — Financial Reporting and Accounting Fraud

Today I’m blogging from Securities Enforcement Forum 2014, Bruce Carton’s excellent one-day conference, this year being held at the Four Seasons hotel in Washington, D.C. The posts will be fairly raw, and certainly not...more

10/15/2014 - Accounting Accounting Fraud Financial Reporting PCAOB SEC Strategic Enforcement Plan

Securities Enforcement Forum 2014 — Morning Keynote Speech by Commissioner Piwowar

Today I’m blogging from Securities Enforcement Forum 2014, Bruce Carton’s excellent one-day conference, this year being held at the Four Seasons hotel in Washington, D.C. The posts will be fairly raw, and certainly not...more

10/15/2014 - Compliance Enforcement Enforcement Actions SEC

Ghost of David Sokol Haunts SEC’s Insider Trading Case against Szymik and Peixoto

It never actually became a case, but maybe you remember this matter from a few years ago. In January 2011, former Berkshire Hathaway executive David Sokol bought about 100,000 shares in Lubrizol Corporation shortly before...more

10/7/2014 - Enforcement Actions Financial Holding Company Hedge Funds Herballife Insider Trading Material Nonpublic Information Pershing Square Management SEC

Two Points about the SEC’s $30+ Million Whistleblower Award

You probably saw that on Monday the SEC announced its largest-ever award under the Dodd-Frank whistleblower provisions: over $30 million to an unnamed tipster from overseas. As with all of the awards issued so far, the...more

9/25/2014 - Anti-Retaliation Provisions Dodd-Frank Foreign Nationals SEC Siemens Whistleblower Awards

Charged with Interpreting “Officer” in Corporate By-Laws, Third Circuit Decides 12 Random People Are Better Suited for the Job

Here are two things I thought when I was a kid: (1) Quicksand was a real threat, something that could suck me into the Earth if I wasn’t careful when walking around outside. I don’t know if this was a function of too many...more

9/24/2014 - Attorney's Fees Bylaws Corporate Governance Goldman Sachs Officers

Speech by DOJ’s Marshall Miller Could Be Harbinger of Bad Things to Come

So here’s a thing. Last week Marshall Miller, the No. 2 official in the Justice Department’s Criminal Division, made a speech urging corporations to focus its investigations into misconduct on individual malefactors and...more

9/23/2014 - DOJ Enforcement Enforcement Actions Personal Liability Police Misconduct

One More Thing about Liu v. Siemens, the Foreign Whistleblower Case

Last week I wrote about the Second Circuit’s recent decision in Liu v. Siemens AG, in which the court held that the Dodd-Frank Act’s anti-retaliation provisions do not apply to whistleblowers overseas. As I think about it,...more

9/4/2014 - Anti-Retaliation Provisions Dodd-Frank Popular Retaliation Siemens Whistleblower Protection Policies Whistleblowers

Freedom to Retaliate against Foreign Whistleblowers May Not Be as Much Fun as It First Appears

What I’m about to say is grossly oversimplified, but here goes: The Dodd-Frank Act’s whistleblower provisions have two primary prongs. The first says that an individual who voluntarily provides the SEC with original...more

8/27/2014 - Dodd-Frank Employer Liability Issues Enforcement Actions FCPA Foreign Nationals Popular Sanctions Siemens Whistleblower Awards Whistleblowers

Unregistered Brokers: Watch out for Shortcuts

One of the things I’ve learned since returning to private practice three years ago is that people like to raise money for profitable enterprises when they can. And why not? It can be lucrative. And if the people raising...more

8/21/2014 - Broker-Dealer Brokers Compliance SEC

Guns and More Guns: SEC Hits Smith & Wesson for FCPA Violations

One thing the SEC likes to do is bring cases with a lot of deterrent value. That is, cases that it hopes will scare other people and companies into complying with the law. Often that means cases with large price tags...more

7/29/2014 - Corporate Counsel Disgorgement Enforcement Enforcement Actions FCPA Gun Manufacturers Penalties Popular Prejudgment Interest SEC Smith & Wesson

Foreign Pink Sheets Companies and the FCPA

Penny stock companies have been much in the news recently. They can be tough entities for law enforcement to look into given that their officers and directors are often not inclined to cooperate with government...more

7/21/2014 - Enforcement Enforcement Actions FCPA Foreign Corporations Popular White Collar Crimes

102 Results
|
View per page
Page: of 5