Judy Kwan

Judy Kwan

Orrick, Herrington & Sutcliffe LLP

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Latest Publications


SEC Rolls Out First Wave of MCDC Settlements with Underwriters

Last Thursday, the SEC announced it reached settlement agreements with 36 municipal securities underwriting firms pursuant to its Municipalities Continuing Disclosure Cooperation (MCDC) Initiative.  These settlements mark...more

6/24/2015 - Compliance Disclosure Requirements Enforcement Actions Investors MCDC Municipal Securities Issuers Municipal Securities Market SEC Securities Self-Reporting Underwriting

Who Wants to be a Millionaire? Compliance Officer Whistles His Way to a Million Dollar Pay Day

Last week the SEC announced an award of between $1.4 to $1.6 million to a whistleblower who provided information that assisted the SEC in an enforcement action. The enforcement action against the whistleblower’s company...more

4/28/2015 - Chief Compliance Officers Enforcement Actions Internal Controls Popular SEC Whistleblower Awards Whistleblowers

Tweet, Tweet: The SEC Gets Social

The SEC recently issued an investor alert to warn investors about potential fraudulent investment schemes involving popular social media sites such as Facebook, YouTube and Twitter, turning its eye towards investor fraud...more

11/19/2014 - Capital Formation Crowdfunding Facebook Risk Alert SEC Securities Fraud Social Media Social Networks Twitter YouTube

Swimming in the Deep End: A Primer on Dark Pools

“Dark pools of liquidity” have recently become the focus of increased regulatory scrutiny, including a number of high-profile enforcement actions related to these alternative trading systems. This increased scrutiny follows...more

7/17/2014 - Alternative Trading Systems Broker-Dealer Dark Pool Enforcement Enforcement Actions Flash Boys High Frequency Trading Nasdaq NYSE SEC Securities Transparency

Trading On Tips: SEC May Seek Disgorgement From Trader For Gains In Investment Fund

A trader who uses material nonpublic information to execute trades but does not personally benefit from the resulting gains may nonetheless face disgorgement of all profits, according to a recent Second Circuit opinion. In...more

2/27/2014 - Disgorgement Enforcement Actions Illegal Tipping Investment Funds SEC

SAC Pleads Guilty To Five Counts Of Securities Fraud; Agrees To Pay Largest Fine In History for Insider Trading Offenses

SAC Capital Advisors pleaded guilty last Friday to securities fraud claims brought by the U.S. Attorney in Manhattan. If approved, the deal would require SAC to pay a $1.2 billion penalty, including a $900 million criminal...more

11/13/2013 - Civil Forfeiture Civil Monetary Penalty Compliance Fines Insider Trading Investment Adviser SAC Capital Securities Fraud White Collar Crimes

Three’s Company, Too: The SEC’s New Enforcement Initiatives Will Be Waiting For You

Last week the SEC announced the creation of three new Division of Enforcement initiatives designed to combat fraud in financial reporting and microcap securities and to enhance risk identification and analysis: (1) The...more

7/10/2013 - Audits Compliance Enforcement Financial Reporting Risk Assessment Risk Management SEC

The Revolving Door Spins Again

On January 24, President Obama announced his nominee for Chairman of the Securities Exchange Commission – Mary Jo White, a former United States Attorney for the Southern District of New York....more

2/20/2013 - Barack Obama Mary Jo White SEC

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