Key Points -
On January 17, 2023, Assistant Attorney General Kenneth A. Polite, Jr. announced revisions to the DOJ Criminal Division’s corporate enforcement policy that offer new incentives to self-disclose corporate...more
Key Points -
On September 15, 2022, Deputy AG Lisa O. Monaco released a Memorandum and provided remarks announcing several DOJ policy changes to prioritize and strengthen the Department’s prosecution of corporate crime....more
Amendments Come on the Heels of Supreme Court Decisions on SEC Disgorgement -
On January 1, 2021, Congress passed the National Defense Authorization Act (NDAA). Embedded in the NDAA’s more than 1,400 pages is Section...more
- The OCIE of the SEC highlights that responses to COVID-19 present important regulatory and compliance issues for SEC registrants, including “heightened risks of misconduct” tied to recent market volatility.
- The Risk...more
8/21/2020
/ Asset Management ,
Broker-Dealer ,
Business Continuity Plans ,
Business Operations ,
Compliance ,
Conflicts of Interest ,
Coronavirus/COVID-19 ,
Cybersecurity ,
Data Protection ,
Fees ,
Financial Transactions ,
Investment Adviser ,
Investment Fraud ,
Investment Management ,
Investors ,
OCIE ,
Personally Identifiable Information ,
Policies and Procedures ,
Popular ,
Remote Working ,
Risk Alert ,
Securities and Exchange Commission (SEC) ,
Supervision
- In the age of broad corporate teleworking brought on by COVID-19, OCIE of the SEC has observed during recent examinations that investment advisers, broker-dealers and investment companies are subject to an increased threat...more
7/16/2020
/ Broker-Dealer ,
Cyber Attacks ,
Cybersecurity ,
Data Breach ,
Financial Services Industry ,
Homeland Security Cybersecurity & Infrastructure Security Agency (CISA) ,
Incident Response Plans ,
Investment Management ,
Malware ,
OCIE ,
Popular ,
Ransomware ,
Risk Alert ,
Securities and Exchange Commission (SEC)
- On June 23, 2020, the SEC and OCIE issued its latest Risk Alert describing common deficiencies it has observed in recent examinations of registered investment advisers that manage private equity funds or hedge funds.
-...more
7/6/2020
/ Conflicts of Interest ,
Enforcement Actions ,
Fees ,
Hedge Funds ,
Investment Management ,
Non-Public Information ,
OCIE ,
Policies and Procedures ,
Private Equity Funds ,
Registered Investment Advisors ,
Risk Alert ,
Securities and Exchange Commission (SEC)
- In Liu v. SEC, No. 18-1501, the Supreme Court upheld the SEC’s ability to obtain disgorgement as a form of equitable relief in civil actions in federal court, pursuant to 15 U.S.C. § 78u(d)(5).
- However, the Court...more
6/30/2020
/ 15 U.S.C. § 78u(d)(5) ,
Administrative Authority ,
Business Expenses ,
Calculation of Damages ,
Corporate Misconduct ,
Disgorgement ,
Enforcement Actions ,
Equitable Relief ,
Kokesh v SEC ,
Lack of Authority ,
Liu v Securities and Exchange Commission ,
Net Profits ,
Remedies ,
SCOTUS ,
Securities and Exchange Commission (SEC)
- DOJ’s update offers additional insights into its approach to evaluating corporate compliance programs.
- The update places emphasis on compliance programs that are continuously improving, data driven and supported with...more
6/12/2020
/ Acquisitions ,
Chief Compliance Officers ,
Compliance ,
Corporate Governance ,
Corporate Misconduct ,
Department of Justice (DOJ) ,
Due Diligence ,
Mergers ,
Policies and Procedures ,
Risk Assessment ,
Risk Management ,
Third-Party Risk
- The Supreme Court has unanimously reversed the convictions of the state officials in the “Bridgegate” scandal.
- This decision will have broader implications beyond the context of political corruption and will also...more
5/15/2020
/ Appeals ,
Bridgegate ,
Criminal Convictions ,
Federal-Program Fraud ,
Governor Christie ,
Intent to Obtain Money or Property ,
Kelly v United States ,
Political Scandals ,
Public Officials ,
Reversal ,
SCOTUS ,
Wire Fraud
- Market participants should review and assess their compliance procedures to prevent and detect insider trading risks associated with COVID-19.
- Companies should increase their vigilance regarding cybersecurity threats...more
4/1/2020
/ CFTC ,
Coronavirus/COVID-19 ,
Cybersecurity ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Financial Crimes ,
Insider Trading ,
Investors ,
Phishing Scams ,
Pump and Dump ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
U.S. Treasury ,
Wire Fraud
Anybody over the age of 40 can recall a time when news was delivered by television, radio and newspapers. Two things that each of those mediums have in common are a substantial capital investment and an existential desire for...more
• Three female coaches at two California community colleges allege that unequal pay violates Title IX.
• All three claim that they are paid less than their male counterparts despite having similar duties and that the pay...more
• An equal rights group and three individual plaintiffs have filed a civil suit in U.S. District Court in Boston against the Department of Education (ED) and Secretary of Education Betsy DeVos. The complaint alleges that the...more
10/23/2017
/ Burden of Proof ,
Colleges ,
Department of Education ,
First Amendment ,
Free Speech ,
Gender Discrimination ,
OCR ,
Proposed Guidance ,
Restraining Orders ,
Secretary of Education ,
Sexual Conduct ,
Title IX ,
Universities
• California Gov. Jerry Brown vetoed the state legislature’s attempt to codify previously issued Title IX guidance.
• A similar bill, introduced this month in the U.S. House of Representatives, has not yet received the...more
10/18/2017
/ Colleges ,
Dear Colleague Letter ,
Department of Education ,
Due Process ,
Governor Brown ,
Governor Vetoes ,
OCR ,
Proposed Legislation ,
Sexual Harassment ,
Sexual Violence Policies ,
Students ,
Title IX ,
Universities
On September 22, 2017, the Department of Education’s Office for Civil Rights (the OCR) issued a new Dear Colleague Letter officially withdrawing the April 4, 2011 Dear Colleague Letter on Sexual Violence and the April 29,...more
9/28/2017
/ Colleges ,
Complaint Procedures ,
Confidentiality Policies ,
Cross Examination ,
Dear Colleague Letter ,
Department of Education ,
Due Process ,
Interim Guidance ,
Mediation ,
New Guidance ,
Obama Administration ,
OCR ,
Rescission ,
Sexual Assault ,
Sexual Violence Policies ,
Standard of Proof ,
Title IX ,
Trump Administration ,
Universities
• A federal court in Ohio has held that published writings of a university Title IX administrator provide sufficient evidence of bias to permit a civil suit by a penalized student to go forward.
• Denial of equitable...more
9/18/2017
/ Administrative Procedure ,
Bias ,
Dear Colleague Letter ,
Department of Education ,
Due Process ,
Fourteenth Amendment ,
Gender Discrimination ,
Internal Investigations ,
Motion to Dismiss ,
Sexual Assault ,
Students ,
Title IX ,
Universities
• The Department of Education (DOE) plans to gather public input—including input from educational institutions—on new Title IX policy, rejecting the prior administration’s issuance of policy by letter.
• The DOE has not,...more
9/11/2017
/ Colleges ,
Department of Education ,
Department of Energy (DOE) ,
Due Process ,
Education Reform ,
Notice and Comment ,
Obama Administration ,
OCR ,
Public Comment ,
Rape ,
Rescission ,
Secretary of Education ,
Sexual Assault ,
Sexual Conduct ,
Sexual Harassment ,
Students ,
Title IX ,
Trump Administration ,
Universities
On November 19, 2014, Sabrina Erdely’s Rolling Stone article “A Rape on Campus: A Brutal Assault and Struggle for Justice at UVA” went viral. The article depicted the violent gang rape of a University of Virginia student...more
1/4/2017
/ Communications Decency Act ,
Defamation ,
Gawker ,
Internet Service Providers (ISPs) ,
Privacy Laws ,
Public Concern ,
Publishers ,
Reporting Requirements ,
Reputational Injury ,
Rolling Stone ,
Section 230 ,
Whistleblowers
On April 3, 2016, it became public that an anonymous source had leaked 11 million confidential documents, known as the “Panama Papers,” belonging to the Panama-headquartered international law firm Mossack Fonseca. As more of...more
On November 16, 2015, the U.S. Department of Justice revised the United States Attorneys’ Manual (USAM) to align the principles by which federal government prosecutors investigate and prosecute criminal cases involving...more
When Google users searched for The Bussey Law Firm, P.C., they would not be able to miss a scathing review calling Mr. Bussey a “scumbag” who “loses 80% of his cases.” Discovery revealed the disgruntled “client” to be a...more
On August 25, 2014, The New York Review of Books issued a retraction in response to a defamation suit filed in New York State Court by well-known architect Zaha Hadid. Hadid was selected to design one of the stadiums for the...more
On August 5, The New York Times reported that Russian hackers have obtained what could be the largest collection of confidential data in history. The security firm that discovered the breach continues to alert affected...more
Last week, a British expat living in the Kingdom of Cambodia was convicted of defamation in the Phnom Penh Municipal Court for statements published on his personal blog relating to the director of a private investment firm....more
In papers filed today with the High Court of Singapore, Prime Minister Lee Hsien Loong moved for summary judgment in his defamation lawsuit against blogger Roy Ngerng Yi Ling. The prime minister’s action is the first...more