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There’s No Place Like Home: The Constitutionality of the SEC’s In-House Courts

Until recently, it was extremely rare for the SEC to bring enforcement actions against unregulated entities or persons in its administrative court rather than in federal court. However, as a result of the Dodd-Frank Act (and...more

10/29/2014 - Administrative Hearings Dodd-Frank Enforcement Actions Judge Rakoff SEC

SEC Gives Itself the Home Court Advantage in an Accounting Fraud / Internal Controls Action Against a Corporate CEO

An otherwise mundane SEC announcement on July 30, 2014 of an enforcement action charging a public company CEO and CFO with accounting fraud and internal controls violations is significant because the SEC is proceeding against...more

8/1/2014 - Accounting Fraud Administrative Hearings Audits CEOs CFOs Corporate Officers Dodd-Frank Enforcement Actions Fraud Internal Controls Judge Rakoff Publicly-Traded Companies Sarbanes-Oxley SEC Securities Exchange Act

Internal Investigations Remain Internal – Attorney Client Privilege Protected by D.C. Circuit

On June 27, 2014, the U.S. Court of Appeals for the D.C. Circuit issued an important, unanimous decision upholding the assertion of attorney-client privilege for an internal investigation. The decision is especially...more

7/1/2014 - Attorney-Client Privilege Compliance False Claims Act Internal Investigations Kellogg Brown & Root Work-Product Doctrine

SEC Charges Hedge Fund Adviser with Whistleblower Retaliation under Dodd-Frank

On June 16, 2014, the SEC issued its first-ever charge of whistleblower retaliation under section 922 of the Dodd-Frank Act, charging a hedge fund advisor and its owner with “engaging in prohibited principal transactions and...more

6/18/2014 - Dodd-Frank Hedge Funds Retaliation SEC Whistleblowers

SEC Charges Hedge Fund Adviser with Whistleblower Retaliation under Dodd-Frank

On June 16, 2014, the SEC issued its first-ever charge of whistleblower retaliation under section 922 of the Dodd-Frank Act, charging a hedge fund advisor and its owner with “engaging in prohibited principal transactions and...more

6/18/2014 - Dodd-Frank Hedge Funds Popular Retaliation SEC Whistleblowers

Flash Rules: Is A Wall Street Reform on the Horizon or is the SEC Merely Reacting to the Latest Media Headline?

Michael Lewis’ new book Flash Boys: A Wall Street Revolt has caused a commotion on Wall Street, on Capitol Hill, and with law enforcement agencies. The SEC is the latest government agency to examine and propose new rules on...more

6/18/2014 - Administrative Hearings Alternative Trading Systems Dark Pool Financial Regulatory Reform FINRA High Frequency Trading Liquidnet Proposed Regulation SEC Securities Exchange Act Wall Street

Second Circuit Says Pragmatism Trumps “Cold, Hard” Facts, Limits District Courts’ Powers in Reviewing SEC Settlements

Summer is coming, but this is probably not the vacation Southern District of New York Judge Jed Rakoff had in mind. On June 4, 2014, the Second Circuit vacated Judge Rakoff’s order refusing to approve the SEC’s $285 million...more

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

If the SEC Misses the SOL, It’s SOL (Sorry, Out of Luck) – District Court Holds Statute of Limitations Is Jurisdictional and...

The SEC suffered a blow very recently when Judge James Lawrence King of the U.S. District Court for the Southern District of Florida entered summary judgment dismissing the entirety of its alleged Ponzi scheme case on...more

5/28/2014 - Jurisdiction Ponzi Scheme Real Estate Investments SEC Securities Securities Fraud Statute of Limitations Subject Matter Jurisdiction

CFTC Issues First Whistleblower Award

On Monday, May 19, 2014, the CFTC issued its first award to a whistleblower under its Dodd-Frank bounty program. The Commission will pay $240,000 to an unidentified whistleblower who “voluntarily provided original...more

5/21/2014 - CFTC Dodd-Frank Enforcement Actions Whistleblower Awards Whistleblowers

SEC Speaks, Cuban Tweets

The leaders of the Securities and Exchange Commission addressed the public on February 21-22 at the annual SEC Speaks conference in Washington, D.C. The presentations covered an array of topics, but common themes included...more

2/26/2014 - Dodd-Frank Enforcement JOBS Act Mark Cuban SEC Securities Exchange Act

The SEC Scores Another Admission: Scottrade Acknowledges That It Broke Recordkeeping Rules

Last week, Scottrade Inc. became the latest entity to admit wrongdoing in connection with settling SEC charges. In a January 29, 2014 administrative order, the brokerage firm not only agreed to a $2.5 million penalty, but...more

2/5/2014 - Enforcement Actions Recordkeeping Requirements Scottrade SEC

Moving Right Along: The Office of Whistleblower Issues Its 2013 Annual Report

The SEC released its Fiscal Year 2013 Annual Report (the “Report”) to Congress on the Dodd-Frank Whistleblower Program on November 15, 2013. The Report analyzes the tips received over the last twelve months by the SEC’s...more

11/19/2013 - Confidentiality Agreements Dodd-Frank Retaliation SEC Whistleblower Awards Whistleblowers

Moving Right Along: The Office Of Whistleblower Issues Its 2013 Annual Report

The SEC released its Fiscal Year 2013 Annual Report (the “Report”) to Congress on the Dodd-Frank Whistleblower Program on November 15, 2013. The Report analyzes the tips received over the last twelve months by the SEC’s...more

11/19/2013 - SEC Whistleblower Awards Whistleblowers

The Cop Is On The Beat: SEC Chair White Says The Agency Aims To Be “Everywhere”

In a recent speech to the Securities Enforcement Forum, SEC Chair Mary Jo White fleshed out the Commission’s plan to pursue all violations of federal securities laws, “not just the biggest frauds.” She also addressed the...more

10/24/2013 - Compliance Enforcement Fraud Mary Jo White SEC

Take Heart, Companies Can Win Whistleblower Cases: Two Key Victories Last Week In SOX And Dodd-Frank Cases

Two victories for employers last week in Dodd-Frank and SOX whistleblower cases may provide a basis for at least a sliver of optimism among employers and whistleblower defense lawyers hammered by a recent series of...more

10/4/2013 - Dodd-Frank Protected Activity Reporting Requirements Retaliation Sarbanes-Oxley SEC Whistleblowers

Take Heart, Companies Can Win Whistleblower Cases: Two Key Victories Last Week in SOX and Dodd-Frank Cases

Two victories for employers last week in Dodd-Frank and SOX whistleblower cases may provide a basis for at least a sliver of optimism among employers and whistleblower defense lawyers hammered by a recent series of...more

10/4/2013 - Dodd-Frank Retaliation Sarbanes-Oxley SEC Whistleblowers

SEC Issues Huge Bounty Award Of $14 Million To Whistleblower Under Dodd-Frank

Today the SEC announced that it is issuing a whistleblower award of over $14 million to a whistleblower who provided information that resulted in the recovery of investor funds. The significant whistleblower award comes after...more

10/2/2013 - Dodd-Frank SEC Whistleblower Awards Whistleblowers

SEC Issues Huge Bounty Award of $14 Million to Whistleblower under Dodd-Frank

Today the SEC announced that it is issuing a whistleblower award of over $14 million to a whistleblower who provided information that resulted in the recovery of investor funds. The significant whistleblower award comes after...more

10/2/2013 - Dodd-Frank SEC Whistleblower Awards Whistleblowers

Don’t Get Caught In The Crosshairs When The SEC Deploys Its Full Enforcement Arsenal

On September 26, SEC Chair Mary Jo White gave an important speech to the Council of Institutional Investors in Chicago. The speech, entitled “Deploying the Full Enforcement Arsenal,” provides the first detailed roadmap to...more

9/30/2013 - Compliance Enforcement Enforcement Actions Mary Jo White SEC

Tell One, Tell All, The Risks Of Selective Disclosure

On September 6, 2013, the SEC charged the former head of investor relations at First Solar Inc., an Arizona-based solar company, with violating Regulation FD, which is designed to prevent issuers from selectively disclosing...more

9/13/2013 - Disclosure Policy Violations Regulation FD SEC Settlement Solar Energy

Here’s Looking At You, Money Market Funds

While money market funds did not exist when Humphrey Bogart spoke his famous line in Casablanca, since the 2008 financial crisis, reforming money market funds have been the subject of high drama and intense scrutiny on...more

6/11/2013

PCAOB Issues Its First Cooperation Policy Statement

On April 24, 2013, the Public Company Accounting Oversight Board issued its inaugural “Policy Statement Regarding Credit for Extraordinary Cooperation in Connection with Board Investigations.” The Policy Statement reiterates...more

4/26/2013 - Audits Cooperation Initiative Disclosure Requirements Enforcement PCAOB SEC Self-Reporting

In The Wake Of Gabelli, SEC Voluntarily Dismisses Follow-On Cert. Petition

Today, the Solicitor General filed a motion asking the Supreme Court to dismiss the Securities and Exchange Commission’s petition for a writ of certiorari in SEC v. Bartek. As noted in a previous blog post, the Bartek...more

3/14/2013 - Gabelli v SEC SEC Statute of Limitations

Supreme Court Hears Argument in Amgen Inc. v. Connecticut Retirement Plans and Trust Funds

Securities class action lawyers are looking to the U.S. Supreme Court this term to clear up an issue that has been at the center of several prominent securities class actions, specifically, what is the standard for class...more

11/19/2012

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