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Spuds MacKenzie Runs into FCPA/Whistleblower Buzzsaw

Ha. I’m just kidding. I don’t think Spuds MacKenzie has been a thing for years. But his former patron, Anheuser-Busch InBev, ran into some FCPA problems last month, and tacked on a whistleblower charge for good measure....more

SEC Opens up the Toolbox to File First Stand-alone Whistleblower Retaliation Case

Welcome back to Whistleblower Week here at Cady Bar the Door. It is a glorious time. Today we discuss In re International Game Technology, Inc., filed on September 29th. While it has done this before alongside other...more

OSHA Also Hates It When You Discourage Whistleblowers

Following up on our recent coverage of the SEC’s administrative orders in BlueLinx Holdings and Health Net, we now bring you the somewhat dated “news” of interim guidance issued by the Occupational Safety and Health...more

SEC Smacks Another Company for Impeding Whistleblowers by Prohibiting Monetary Awards

As we discussed, in early August the SEC sued BlueLinx Holdings, Inc. for violations of Rule 21F-17(a) for the way it structured its severance agreements to prevent departing employees from collecting monetary awards if they...more

The SEC Hates It When You Discourage Whistleblowing

There have been lots of developments on the whistleblower front over the last couple months, and we’ve covered none of them here at Cady Bar the Door. Let’s try to catch up. Today we’ll discuss the first of this recent...more

Audit Partner Violates Independence Rule in Way He Probably Never Expected

I’ve been thinking about these auditor independence cases since the administrative orders were issued a few weeks ago. They’re very interesting to me for a couple of reasons, but let’s start with the rules...more

10/13/2016  /  Audits , GAAS , PCAOB , Regulation S-X , SEC

Municipal Bond Actions May Be about to Get Ugly

Back in the 1970s, SEC Enforcement Director Stanley Sporkin had a problem. He had stumbled onto what looked like a vast number of illicit payments from public companies to people who shouldn’t have been receiving them,...more

Turns Out the Second Circuit . . . Uh, Heh Heh . . . Tossed Gibson Dunn for a Very Good Reason

So yesterday I wrote about the seemingly wrongheaded decision by the U.S. Court of Appeals for the Second Circuit to strike Gibson Dunn’s appearance from Lynn Tilton’s case in that court. Its apparent issue was that Judge...more

Second Circuit Tosses Gibson Dunn from Lynn Tilton’s Case for Some Reason or Another

You may know about Lynn Tilton’s fight with the SEC, which has accused (link is external) the Patriarch Partners chief of defrauding her investors. The SEC brought its case in administrative court (link is external), which...more

Don’t even think about violating that penny stock bar.

The penny stock world can be rough. So rough that breaking the rules in that corner of the securities markets ban bring its own kind of injunction, one that’s much more specific than the typical don’t-break-the-law-anymore...more

Phil Mickelson is very glad United States v. Newman is the law in the Second Circuit.

Phil Mickelson, whom the SEC describes as a “successful professional golfer,” was not charged with insider trading earlier today. I wasn’t either, and I’m glad about that. And you probably weren’t either! High fives all...more

Custody rule examiners need to, you know, examine.

Here’s a thing I know: South Carolina doesn’t require vehicle inspections. Dumb, right? If your car is properly registered, you can drive it there all you want no matter how dangerous it is. Here’s a thing I think I know:...more

Stop Faxing

I’ve long thought that sending faxes was a pretty silly means of communication. Don’t send me a fax. I don’t want it. At some point I’m hoping that even my kids’ doctor’s office will get dragged into the 20th century and...more

Two Thoughts about the Smallest Insider Trading Case in All of Captivity

I shouldn’t write this post, because the SEC surely wants me to write at least part of it. I mean, they don’t care about what I write; I can promise you that. But they want somebody to cover it because of the message they...more

Rob Cohen Discusses SEC’s Analysis and Detection Center

One other interesting thing coming out of last Friday’s enforcement discussion at SEC Speaks (there weren’t many): Market Abuse Unit co-chief Rob Cohen’s mention of the SEC’s Analysis and Detection Center. First, though,...more

SEC Enforcement Lays out Approach to Cybersecurity Cases

If you’ve ever attended the annual SEC Speaks conference, you know that the official program is an intensely uninteresting collection of short speeches by SEC officials who don’t have a lot of incentives to say groundbreaking...more

SEC Says No More Mr. Nice Guy on Investment Adviser Cybersecurity

Over the last couple years, the SEC’s cybersecurity bark has been worse than its bite. Its Office of Compliance, Inspections, and Examinations issued examination priorities in 2014. Commissioner Aguilar warned public...more

Nothing to See in This Story about the Electronic Communications Privacy Act

Check out this story. In it, we learn this: "Andrew Ceresney, director of the Division of Enforcement at the Securities and Exchange Commission, [told] the Senate’s Committee on the Judiciary at a hearing on Wednesday...more

Second Circuit Expands Scope of Dodd-Frank Anti-Retaliation Provisions, Sets up Chance for Supreme Court Review

Once upon a time, Daniel Berman was the finance director of Neo@Ogilvy LLC, a subsidiary of the publicly-traded WPP Group USA, Inc. He did not find a handsome prince or princess there. According to the allegations of a...more

Executive Assistant Embezzles $1 Million from Hewlett Packard; as yet, SEC Doesn’t Care

Surely you remember the SEC’s case against Polycom from this spring. In it, the SEC alleged that Polycom CEO Andrew Miller had “created hundreds of false expense reports with bogus business descriptions for his personal use...more

SEC Comments on Whistleblower Anti-Retaliation Provisions/Internal Reporting

In the wake of Dodd-Frank’s passage in July 2010, many companies and corporate organizations lobbied the SEC on its upcoming whistleblower rules. One of their specific goals was to require whistleblowers, to be eligible for...more

The SEC's Investment Management Division Has Some Things to Tell You about Cybersecurity

Lots of agencies and organizations want to boss you around about cybersecurity. In April, the SEC and the Justice Department published more directions on the issue. We’ll cover the very brief guidance issued by the SEC’s...more

You Can Settle Your Insider Trading Case with a Negligence-based Charge

This is almost certainly not true anymore. But it was true once! Maybe only once. Back in October 1991, the SEC sued Shared Medical Systems, a Pennsylvania health care information services company and three of its officers...more

Vivek Ranadivé and Wisconsin IA Both Big into Cherrypicking, According to Sources

Here’s a thing I think I know about billionaires: They’ve made piles and piles of money doing something someone somewhere surely advised them not to do because it was a dumb idea. Then later, actually dumb ideas come along...more

Why Did BHP Billiton Settle an FCPA Case Including 7+ Year-Old Conduct?

Remember the Water Cube from the 2008 Olympics in Beijing? BHP Billiton has probably had reason to think about it recently. On Wednesday it settled an FCPA case with the SEC arising out of the company’s sponsoring the...more

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