David Smyth

David Smyth

Brooks Pierce

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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

Three Thoughts about FINRA’s Weird Japanese Insider Trading Case

One of the things you’re not supposed to do if you’re in the securities business – or any business, really – is buy and sell securities on the basis of material, nonpublic information in breach of a duty not to do so. The...more

7/15/2014 - Enforcement Actions FINRA Fraud Insider Trading Japan Popular SEC

The SEC v. Congress . . . for the Title

You don’t see this every day. On Friday, the SEC filed a subpoena enforcement action seeking production of documents from the House Ways and Means Committee and documents and testimony from one of its staff members, Brian...more

6/23/2014 - CMS Enforcement Enforcement Actions Mary Jo White Medicare Medicare Advantage SEC Ways and Means Committee

SEC Files First Whistleblower Retaliation Case

Well, you can’t say Sean McKessy didn’t warn you. The chief of the SEC’s whistleblower office has been warning for months at least that his group was looking to bring a stand-alone case enforcing the anti-retaliation...more

6/18/2014 - Anti-Retaliation Provisions Dodd-Frank Enforcement Enforcement Actions Hiring & Firing Popular SEC Whistleblowers

Judge Rakoff Reversed by Second Circuit on SEC-Citi case, Still Sort of Wins

You’d be forgiven if you’d forgotten at this point, but way back in Obama’s first term, the SEC once investigated and sued Citigroup for its involvement in a collateralized debt obligation deal. As the SEC said in its...more

6/5/2014 - Chevron Deference Citigroup Collateralized Debt Obligations Consent Decrees Enforcement Enforcement Actions Interlocutory Appeals Judge Rakoff Popular Risk Management SEC SEC v Citigroup Settlement

SEC Enters into First Non-Prosecution Agreement with an Individual

One of the main questions I get from potential insider trading defendants is some variation of Well, what are we looking at here? That is, if the SEC is able to prove its case, what could the consequences be? Unfortunately,...more

4/29/2014 - eBay Enforcement Actions Non-Prosecution Agreements Personal Liability SEC

Two Thoughts about Dewey LeBoeuf and Parallel Proceedings

You’ve probably read about the Manhattan district attorney’s office’s indictment of executives at former Big Law giant Dewey LeBoeuf. According to the WSJ Law Blog, the crux is this: “[F]ormer Dewey Chairman Steven...more

3/20/2014 - Enforcement Enforcement Actions Parallel Claims SEC

SEC Not Kidding about Subpoena Enforcement Actions, Obtains Coronati’s Arrest

Here’s one of the questions I get from some individual clients when they receive subpoenas from the SEC: Could I get arrested over this? Well, no. First things first – The SEC has civil authority, not criminal authority. ...more

2/12/2014 - Contempt Enforcement Actions SEC Securities Fraud Subpoenas

One Week, Three Subpoena Enforcement Actions

I know you’re ready to get back to volumes 2 and 3 of SEC CustodyFest. Believe me, we all are. And I assure you, we will. But for those looking for evidence that the SEC is taking a new, tough turn under Mary Jo White, I...more

11/15/2013 - Compliance Enforcement Actions SEC Subpoenas

SEC Whacks GW & Wade for Rule 12b-1 Fees, Too

Before turning back to SEC CustodyFest, volumes 2 and 3, I’d like to focus for a bit on another aspect of the SEC’s October administrative case against GW & Wade. In addition to the custody rule issues, the SEC found that the...more

11/13/2013 - Compliance Enforcement Actions Rule 12b-1 Plans SEC

Commercial Bribery on the Table in Diebold FCPA Actions

Last week the SEC and Justice Department brought parallel FCPA enforcement actions charging Ohio-based Diebold, Inc., a global provider of ATMs and bank security systems. From the SEC’s press release: “[S]ubsidiaries...more

10/31/2013 - Bribery Compliance Enforcement Actions FCPA SEC

SEC Sues McGinn Smith Gatekeepers

If you’re the SEC’s Enforcement Division, suing primary violators is one thing. Bring cases against “gatekeepers”, or professionals who allow access to securities markets, can be quite another. Theories of liability are not...more

10/23/2013 - Enforcement Actions Fraud SEC

Zoom! SEC Freezes Assets in a Flash

I don’t give investment advice on this blog. And what I’m about to say is not particularized investment advice that I’m being compensated for, but I feel okay telling you this...more

7/5/2013 - Biotechnology Enforcement Actions Frozen Assets SEC

Financial Fraud Specialists at the SEC

We live in a world where people do not always do what I wish they would do. I imagine you’re probably okay with that; I’m coming to terms with it. But here is an example of something I think should happen that probably won’t:...more

6/26/2013 - Enforcement Actions Fraud GAAP PACCAR Inc SEC Specialization

SEC Considers Returning to Its Roots

The SEC has recently taken a well-deserved beating for its lack of attention to financial fraud at publicly traded companies. The numbers speak for themselves. In 2012, the SEC brought 79 financial fraud cases, when in years...more

6/17/2013 - Enforcement Actions Fraud GAAP Publicly-Traded Companies SEC

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