Marc Powers

Marc Powers

BakerHostetler

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Deference and Compromise Reigns over Establishment of Truth: Second Circuit Validates SEC Use of "Neither Admit Nor Deny"...

On June 4, 2014, the Second Circuit Court of Appeals vacated U.S. District Judge Jed Rakoff’s influential and controversial decision to reject a consent injunction between the SEC and Citigroup Global Markets Inc. (Citigroup)...more

6/11/2014 - Citigroup Civil Monetary Penalty Disgorgement Judge Rakoff Neither Admit Nor Deny Settlements SEC SEC v Citigroup

SEC Continues Crack Down on Short Sale Rule Violations: Settles $7.3 Million Case Against Worldwide Capital

In the largest Rule 105 (Short Sale Rule) enforcement case to date, the SEC reached a $7.3 million settlement against Worldwide Capital and its principal last Wednesday, March 5. The SEC's message has been consistent since...more

3/12/2014 - Disgorgement Enforcement Actions SEC Short Sales Worldwide Capital

Not in My House: Mark Cuban Defeats the SEC's Insider Trading Charges

The high profile long-running saga between Mark Cuban -- entrepreneur, television personality, and billionaire owner of the Dallas Mavericks -- and the SEC has finally ended with Mr. Cuban emerging victorious. On October 16,...more

11/15/2013 - Insider Trading Sales SEC Shareholders Stocks

Who's Your Supervisor? The SEC Sheds Further Light on the Subject

The recent issuance of frequently asked questions and interpretive answers by the SEC's Division of Trading and Markets (the "FAQs") clarifies a "disturbingly murky" area of the federal securities law -- namely, what facts...more

10/18/2013 - Compliance SEC Securities Exchange Act Supervisors

SEC "Zero Tolerance" Nets Nearly Two Dozen Firms for Alleged Violations of Short Sale Rule

Hedge fund and other private investment fund managers, both domestic and foreign, those registered or not, beware. SEC Chairman Mary Jo White's crackdown on securities violations continued last Tuesday with the announcement...more

9/26/2013 - Policy Violations SEC Short Sales Zero Tolerance Policies

The Falcone Settlement: A Harbinger of Things to Come?

On August 19, 2013, the Securities and Exchange Commission (SEC) announced that New York-based hedge fund adviser Philip A. Falcone and his advisory firm Harbinger Capital Partners -- which once boasted $26 billion under...more

9/3/2013 - DOJ Fraud Hedge Funds SEC Settlement

Regulators Issue Joint Guidance on Business Continuity Planning

Last Friday, the SEC, FINRA and CFTC issued joint guidance (Joint Guidance) on the "best practices and lessons learned" from their review of the business continuity and disaster recovery plans of firms as a result of the...more

8/23/2013 - CFTC Continuity of Enterprises Disaster Preparedness Enforcement Guidance FINRA Hurricane Sandy SEC

Best Practices for Investment Advisers on Trade Execution: An Analysis of Two Recent SEC Settlements

On July 31, 2013, the U.S. Securities and Exchange Commission (SEC) announced that two investment advisers allegedly failed to seek best execution on client trades placed with their in-house brokerage divisions and misled...more

8/7/2013 - Consent Order Fraud Investment Adviser Misleading Statements SEC Settlement

2013 Mid-Year Securities Litigation and Enforcement Highlights

Table of Contents - I. Supreme Court Case Review (October 2012 Term) II. Rule 10b-5 Cases III. Investment Adviser and Hedge Fund Cases IV. Settlements V. Commodities and Futures Litigation and...more

7/31/2013 - Amgen Inc. v Connecticut Retirement Plans Comcast Commodities Enforcement Actions Gabelli v SEC Hedge Funds Investment Adviser Rule 10b-5 SCOTUS SEC Securities Litigation

SEC Releases National Examination Program Priorities for 2013

On February 21, 2013, the National Examination Program (NEP), which is administered by the Securities and Exchange Commission's (SEC) Office of Compliance Inspections and Examinations (OCIE), published its examination...more

4/2/2013 - Broker-Dealer Clearing Agents Investment Adviser NEP SEC Transfer Agents

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