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Second Circuit Clarifies a Heightened Standard for Insider Trading Convictions

The US Court of Appeals for the Second Circuit recently held that, in order to convict a tippee for insider trading under Section 10(b) of the Securities Act of 1934 and Rule 10b-5, the government must prove beyond a...more

SEC Sanctions Operator of Unregistered Virtual Currency Exchanges

On December 8, the Securities and Exchange Commission sanctioned a computer programmer for operating two online exchanges that traded securities using virtual currencies without registering them as broker-dealers or stock...more

Corporate and Financial Weekly Digest - Volume IX, Issue 48

In this issue: - Recent Developments Relating to Rights to Exclude Shareholder Proposals from Proxy Statements - SEC Approves MSRB Best Execution Rule - SEC Sanctions Operator of Unregistered Virtual...more

Raj Rajaratnam Appeals $92 Million Civil Fine to Second Circuit Court of Appeals

Convicted investment fund founder Raj Rajaratnam filed an appeal of his Securities and Exchange Commission case in the United States Court of Appeals for the Second Circuit, arguing that the district court improperly sought...more

SEC Charges Former Pharmaceutical Executive and Close Friend With Insider Trading

The Securities and Exchange Commission recently charged a former pharmaceutical company executive and his longtime friend with insider trading, alleging that the friend generated more than $1 million in illicit profits by...more

Corporate and Financial Weekly Digest - Volume IX, Issue 44

In this issue: - SEC Sanctions 10 Companies for Disclosure Failures Surrounding Financing Deals and Stock Dilution - Delaware Court of Chancery Rejects Entire Fairness Review in Absence of Conflicted...more

CFTC Settles Fraudulent Trading Violations with Forex Trader

The Commodity Futures Trading Commission accepted an offer of settlement submitted by the owner of Peak Capital Group, Inc., Scott Beatty, in anticipation of an administrative proceeding resulting from Beatty’s alleged...more

SEC Settles Insider Trading Case, Finding Roommate Relationship Created Duty of Trust and Confidence

The Securities and Exchange Commission recently accepted an offer of settlement submitted by Filip Szymik, in anticipation of a cease-and-desist proceeding resulting from the purported insider trading in Herbalife, Ltd....more

Texas Court of Appeals Decertifies Class of Brigham Shareholders

On August 15, the Texas Court of Appeals decertified a class of Brigham Exploration Co. shareholders, holding that the trial court failed to comply with a state rule requiring rigorous analysis of certification requirements. ...more

SEC Charges Colorado Woman and Her Two Companies with Offering Fraud

On August 15, the Securities and Exchange Commission filed a complaint against Heidi Ann Gamer and two companies under her control, Gamer Economic Systems, LLC and Gamer Media Partners Corp. The SEC alleged that between...more

Judge Rakoff Rules that Bitcoin Is Money in New York Federal Court

On August 19, Judge Jed S. Rakoff of the US District Court for the Southern District of New York issued a ruling in the case of Robert Faiella, holding that bitcoins are “money,” citing the plain meaning of the term in The...more

Corporate and Financial Weekly Digest - Volume IX, Issue 33

In this issue: - ISS Launches New Equity Plan Data Verification Portal - ISDA Publishes Protocol for 2014 Credit Derivatives Definitions - FinCEN Issues Advisories for US Financial Institutions -...more

District Court Reaffirms Rule 10b5-1 Standard and Denies Motion to Dismiss Insider Trading Charges

The US District Court for the Northern District of Illinois denied a motion to dismiss a 16-count indictment for insider trading, finding the government adequately alleged each element of the offense....more

SEC Settles Third-Party Insider Trading Claim Against Investor Relations Executive

The Securities and Exchange Commission recently announced a settlement with a partner at an investor relations firm who allegedly traded on inside information obtained through his representation of two companies. ...more

Corporate and Financial Weekly Digest - Volume IX, Issue 29

In this issue: - SEC Approves FINRA Rule Limiting Expungement - CFTC Issues No-Action Relief from Certain Ownership and Control Reporting Requirements - CFTC Releases Rule Enforcement Review of ICE...more

Investment Adviser Accused of $8.8 Million Fraud by SEC

On June 3, the Securities and Exchange Commission filed an emergency enforcement action in the US District Court for the Southern District of New York against Scott Valente, an investment adviser, alleging that he used his...more

Trading Evidence Barred From Rengan Rajaratnam Trial

On June 10, a New York federal judge barred the government from introducing evidence of defendant Rajarengan “Rengan” Rajaratnam’s trading activities in Akamai Technologies, Inc. Prosecutors argued that the defendant had...more

US Marshals Service Announces Auction of Silk Road Bitcoins

The US Marshals Service (USMS) announced that it will hold an online auction on June 27 to sell bitcoins contained in wallet files seized from the servers of Silk Road, the “deep web” black market shut down by the Federal...more

Corporate and Financial Weekly Digest - Volume IX, Issue 24

In this issue: - Commissioner Kara M. Stein Calls for More Stringent Net Capital Requirements for Broker Dealers - US Marshals Service Announces Auction of Silk Road Bitcoins - Investment Adviser Accused...more

SEC Charges Investment Adviser with Custody Rule Violations

The Securities and Exchange Commission recently announced that it had charged Professional Investment Management, Inc. (PIM), an investment adviser, and its president, Douglas E. Cowgill, with violating rules governing the...more

FEC Approves Bitcoin Political Donations While SEC Issues Investor Alert

On May 8, the Federal Election Commission (FEC) unanimously affirmed in an advisory opinion that political committees (including candidate campaigns and political action committees) could legally accept small bitcoin...more

SEC Charges Five Co-Conspirators in Reverse Merger Scheme

On May 5, the Securities and Exchange Commission brought charges in the US District Court for the District of New Jersey against a Toronto-based consultant and four associates for running a scheme to illegally reap millions...more

Corporate and Financial Weekly Digest - Volume IX, Issue 19

In this issue: - FINRA Proposes to Amend Rule 11892 - SEC Approves FINRA Rule Change to Limit Self-Trading - FATCA Transitional Relief and Extension of Time for the Implementation of New Account...more

Sixth Circuit Affirms Dismissal of Securities Class Action for Failure to Properly Plead Scienter

On March 28, the US Court of Appeals for the Sixth Circuit affirmed a lower court’s dismissal of a shareholder class action against BioMimetic Therapeutics Inc., finding that plaintiffs had failed to sufficiently allege that...more

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