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This Week In Securities Litigation

The Supreme Court heard argument this week in a case that may have a significant impact on remedies in SEC enforcement actions. In Kokesh v. SEC the High Court is considering whether the five year statute of limitations it...more

Supreme Court Considers Time Limits On SEC Disgorgement Claims

Disgorgement, one of the SEC’s primary remedies, was the focus of intense debate during arguments before the Supreme Court in Kokesh v. SEC, No. 16-529 (S.Ct.) earlier this week. At issue was whether the remedy is subject to...more

SEC Files Another Suspicious Trading Case

The SEC filed its third “suspicious trading” case this year as last week drew to a close. SEC v. One or More Unknown Traders, Civil Action No. 17 CV 2659 (S.D.N.Y. Filed April 13, 2017). ...more

This Week In Securities Litigation

In a holiday shortened week the Commission began preparation for argument before the Supreme Court in an action which could have a significant impact on its enforcement program. The question for resolution is whether the...more

SEC Files 13 Touting Actions Charging 27 Persons

The SEC packaged a group of similar actions, apparently to send a message as it has done in the past. For example, previously the agency packaged a group of custody rule cases together into one announcement, making a point...more

Gambler Walters Loses in DOJ Insider Trading Trial

William “Billy” Walters rolled the dice against the Manhattan U.S. Attorney’s Office and lost in a high profile insider trading case. U.S. v. Davis, No. 1:16-cr-00338 (S.D.N.Y. Verdict April 7, 2017). Mr. Walters, a well...more

This Week In Securities Litigation

The nomination of Jay Clayton as the next SEC Chairman moved forward in the Senate this week. The Senate Banking Committee approved Mr. Clayton by a vote of 15 to 8 with three Democrats joining the Republicans in the...more

SEC Sanctions Muni Underwriter For Repeated Fraudulent Offerings

Municipal bond offerings have, in recent years, become a staple of SEC enforcement. While the Commission has limited authority in the area, a series of actions have been brought under the fraud provisions. Likewise, the...more

SEC Charges Credit Suisse With Overcharging Advisory Clients

The Commission has brought a series of settled cases in recent months centered on charges that advisory clients in wrap fee programs were not told the amount of “trading away” fees – additional fees incurred when a...more

SEC Charges Trading Firm's Education Program Violates Broker Registration Section

Commission enforcement actions have focused on Exchange Act Section 15(a) and its prohibition on acting as a broker without registering with the agency in recent months. The Exchange Act defines a broker as any person...more

This Week In Securities Litigation

U.S. Senators Elizabeth Warren, Sherrod Brown, Robert Menendez and Brian Schatz requested that Inspector General Carl Hoecker investe Acting SEC Chairman Michael Piwowar in a letter dated March 29, 2017. The letter notes that...more

U.S. Supreme Court Agrees To Hear Securities Fraud Omissions Case

The U.S. Supreme Court will resolve a critical question governing the scope of liability in securities fraud cases which has split the circuit courts to date. The case, Leidos Inc. v. Indiana Public Retirement System, No....more

Two Restatements Results in Settled SEC Financial Fraud Charges

The Commission filed a settled financial fraud action centered on three restatements against a company and two of its officers last fall. It charged violations of Exchange Act Sections 10(b), 13(a), 13(b)(2)(A) and...more

Supreme Court Agrees To Hear Securities Case

The Supreme Court agreed to hear another securities case this week. Leidos, Inc. v. Indiana Public Retirement System, No. 16-581. The only other securities action currently on the High Court’s docket is Kokesh v. Securities...more

SEC Obtains Freeze Order In Suspicious Trading Case

Suspicious trading cases have become a staple of SEC insider trading enforcement. Typically the cases involve outsized trading in advance of a significant corporate event. The only way for the SEC to avoid the possible...more

This Week In Securities Litigation

The number of settlements in securities class actions increased last year, according to Cornerstone Research. That fact, along with a finding that the amount of those settlements also increased, is detailed in the firm’s...more

Securities Class Action Settlements: Dollars, Numbers Are Up

The trends in securities class actions are up. The number of cases filed last year was up as previously reported. The number of settlements in 2016 was up. The amount of those settlements was up. The number of mega...more

Securities Law Recidivist Pleads Guilty in Offering Fraud Case

The Commission and the DOJ have recently brought a number of securities fraud cases in which a key person in the misconduct concealed a prior criminal conviction for securities related offenses from investors. Another case in...more

This Week In Securities Litigation

The Commission brought two insider trading cases this week, one which is being litigated and another that settled prior to filing. The agency also brought a financial fraud action against five firm executives who essentially...more

SEC Brings Two Insider Trading Cases

The Commission filed two insider trading cases in the last two days where the person with access to the inside information traded and profited. One case is being litigated in federal district court. SEC v. Alpert, Civil...more

SEC Charges Trader, Broker In Spoofing – Cross-Market Manipulation

The Commission’s latest market manipulation action centers on a foreign trading firm with an undisclosed owner and a U.S. broker-dealer where the undisclosed owner was imbedded as a registered representative, facilitating the...more

SEC Charges Five Senior Executives With Financial Fraud

Five executives took advantage of their employer’s weak internal controls to repeatedly misappropriate funds, causing a loss of over $11 million over a four year period beginning in 2008. The scheme was discovered when a firm...more

Ninth Circuit Widens Split on Dodd-Frank Whistleblower Provisions

The Ninth Circuit joined the Second Circuit in concluding that the Dodd-Frank whistleblower provisions protect from retaliation those who report internally at the company but not to the SEC, despite the literal language of...more

This Week In Securities Litigation

This week the Commission brought three actions. One, a financial fraud case, centered on one of Mexico’s largest home builder that inflated sales numbers. A second was brought against an investment adviser who failed to...more

The SEC, Financial Fraud and Restatements

Financial fraud actions have long been a staple of SEC Enforcement. Following Arthur Levitt’s famous “Numbers Game” speech in 1997 for example, the Commission brought a series of blockbuster financial fraud actions that...more

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