David Smyth

David Smyth

Brooks Pierce

Contact  |  View Bio  |  RSS

Latest Posts › SEC

Share:

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

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

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

Commissioner Aguilar Addresses Boards’ Focus on Cybersecurity

One June 10th SEC Commissioner Luis Aguilar made a speech before the New York Stock Exchange, and he took the opportunity to discuss good corporate governance as it relates to cybersecurity and boards of directors....more

6/27/2014 - Adobe Board of Directors Corporate Governance Cybersecurity Dodd-Frank NIST SEC SnapChat Target

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

It Starts with the Custody Rule

If you’re an investment adviser with custody of your client’s assets, is there a more important rule to be sure you’re on top of than the custody rule? If you’re on the SEC’s IA exam staff, is there a more important rule to...more

5/13/2014 - Compliance Custody Rule Fraud SEC

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

SEC Says the Cyber Police Are Coming

Pretty soon we’ll all be data privacy lawyers. The SEC is certainly doing its part to ensure that comes to pass. Earlier this year the SEC’s Office of Compliance, Inspections, and Examinations announced that its 2014...more

4/18/2014 - Cybersecurity Data Protection Mary Jo White OCIE 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

For Municipal Bond Issuers, SEC’s New Cooperation Initiative Could Be a Good Idea (Unless It’s a Bad Idea)

You know how every few years libraries will offer an amnesty program and give delinquent borrowers a chance to bring in their old books without prohibitive late fines? The SEC is sort of trying out that approach with its new...more

3/14/2014 - Bonds Disclosure Requirements Municipal Bonds SEC

The SEC Will Take “Your” Money, Thanks

So let’s say you work for a hedge fund or some other financial institution that engages in proprietary trading , and you’re inclined to do some insider trading on your employer’s behalf. You make your trades, but you’re a...more

3/11/2014 - Compliance Insider Trading Proprietary Trading SEC Securities Exchange Act

Two Thoughts about the Jury Verdict in SEC v. Steffes

As you may have heard by now, on January 27th a jury in the Northern District of Illinois sided with the defendants and against the SEC in an aggressive insider trading case. Here were the facts as alleged by the SEC and...more

2/19/2014 - Acquisitions Insider Trading SEC

76 Results
|
View per page
Page: of 4