Thomas Gorman

Thomas Gorman

Dorsey & Whitney LLP

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This Week In Securities Litigation

The SEC requested comment on the development of a consolidated audit trail this week, a concept long discussed. The audit trail would enable regulators to track trading activity in the U.S. markets. Enforcement initiated...more

4/29/2016 - Audits Books & Records Comment Period Enforcement Actions False Statements FINRA GAAP Internal Controls Investment Fraud Investment Funds Market Manipulation Misrepresentation PCAOB Pump and Dump SEC Spoofing

Dorsey Anti-Corruption Digest - April 2016

Welcome to Dorsey & Whitney’s monthly Anti-Corruption Digest. In this digest, we draw together news of enforcement activity throughout the world and aim to reduce your information overload. Our London, Minneapolis, New York...more

4/28/2016 - Alstom Anti-Corruption Avon Brazil Bribery Compliance Cooperation Deferred Prosecution Agreements DOJ Egypt Enforcement Actions FCPA Federal Pilot Programs Federal Sentencing Guidelines Kuwait Novartis Remediation SEC Self-Reporting Serbia Serious Fraud Office Turkey UK Voluntary Disclosure Wells Fargo White Collar Crimes

SEC Complaint: How To Create A Manipulation Vehicle

Microcap fraud has long been a focus of SEC enforcement. Many of the cases start with a public shell followed by a reverse merger in which the promoters end up with large portions of the stock. The transaction culminated with...more

4/28/2016 - Enforcement Actions FINRA Form S-1 Initial Public Offerings Market Manipulation OTCBB Pump and Dump SEC Securities Act of 1933 Securities Exchange Act Shell Corporations

Class Certification: Halliburton II and Basic

The predicate for many securities class actions is the fraud-on-the-market theory, adopted by the Supreme Court in Basic, Inc. v. Levinson, 485 U.S. 224 (1988). There the Court held that a securities law plaintiff could...more

4/27/2016 - Basic v Levinson Best Buy Class Action Class Certification False Statements Fraud-on-the-Market Halliburton v Erica P. John Fund Presumption of Reliance Rebuttable Presumptions SCOTUS Stock Prices

Forex Investment Scheme Results in Criminal Charges

Investment fund fraud and Ponzi schemes have become a staple of SEC enforcement. The investment fraud schemes often cross from securities into other areas such as the currency markets. In such instances either the CFTC or the...more

4/26/2016 - CFTC Criminal Prosecution Disgorgement Enforcement Actions Foreign Currency Forex Investment Fraud Investment Funds Popular Wire Fraud

SEC Settles With Apple Stock Day Trader

Apple stock is well known and popular among investors. It is also attractive to fraudsters who focus on the high tech giant’s shares for schemes. One scheme, for example, brought down New York brokerage Rochdale Securities...more

4/25/2016 - Apple Asset Freeze Disgorgement Enforcement Actions Guilty Pleas Investment Fraud Obstruction of Justice Perjury Permanent Injunctions Restitution SEC Securities Fraud

This Week In Securities Litigation

The Commission prevailed at trial in a market manipulation case. The trial followed a series of settlements and a grant of summary judgment in the Commission’s favor as to one defendant. The remaining defendant, a former NFL...more

4/22/2016 - Audits Cherry Picking Enforcement Actions Hong Kong Hong Kong Securities and Futures Commission (HKSFC) Internal Controls Investment Adviser Investment Fraud Jury Trial Market Manipulation Misrepresentation PCAOB SEC Securities Fraud Swaps

The SEC’s Increasing Use of Data Analysis

The Commission has increasingly focused on data analysis as an aid to its enforcement program. Two recent cases brought against investment advisers for cherry picking illustrate different facets of the approach....more

4/21/2016 - Analytics Cease and Desist Orders Cherry Picking Enforcement Actions Investment Advisers Act of 1940 Registered Investment Advisors SEC Section 10 of the Exchange Act

SEC Brings Two Financial Fraud Actions

Financial fraud has long been a staple of SEC enforcement. In the wake of the market crisis the agency has attempted to once again focus on the area creating, for example, a financial fraud task force two years ago. Last...more

4/20/2016 - Cease and Desist Orders Enforcement Actions Form 10-K Fraud Misrepresentation Sarbanes-Oxley SEC Securities Act of 1933 Securities Exchange Act

SEC Prevails At Trial Over Former Professional Athlete

Sometimes is does not pay to be the last man standing – particularly in a Commission enforcement action. Such was the fate of former NFL player and Olympic athlete Willie Gault. SEC v. Heart Tronics, Inc., Case No....more

4/19/2016 - Disgorgement False Statements Internal Controls Jury Trial Misrepresentation Permanent Injunctions Sarbanes-Oxley SEC Securities Act of 1933 Securities Exchange Act

Investing in Law Suits – Just Another Offering Fraud Says SEC

The lure of big profits from the settlement of large personal injury law suits was the hook used by a lawyer and his partner to attract investors to Prometheus Law. The thought of all those dollars — virtually riskless...more

4/18/2016 - Enforcement Actions Forward Contracts Mass Tort Litigation Offering Fraud SEC Securities Securities Exchange Act

This Week In Securities Litigation

Budget hearings were a focus this week as the Chair of the SEC and Chairman of the CFTC visited Capitol Hill. Both sought substantial increases, requesting more money for technology, inspections and enforcement. While the...more

4/15/2016 - Books & Records CFTC Class Action Compliance Congressional Committees EB-5 Enforcement Actions False Statements FCPA Financial Reporting FinCEN Immigrant Investor Program Insider Trading Internal Controls Municipal Bonds Offering Fraud SEC

Securities Class Action Filings 2015: More Cases, Small Issuers

A new report on securities class actions records an increase in the number of filings in 2015. Most of those actions were brought against smaller issuers, according to the report. PWC, Small Companies, Big Targets – 2015...more

4/14/2016 - Accounting Class Action Disclosure Foreign Issuers PricewaterhouseCoopers SEC Securities Litigation

SEC Files Another In A Series of Actions Tied to Secret Commissions

The Commission brought another in a series of actions centered on ConvergEx Execution Solutions LLC and its affiliates. As with the prior actions, this one centered on secretly adding substantial commissions to transactions...more

4/13/2016 - Bermuda Broker Commissions Broker-Dealer Misrepresentation Omissions Registered Investment Advisors SEC Securities Act of 1933 Securities Exchange Act

Former Texas AG, Computer Company Charged by SEC With Fraud

A former Texas Attorney General and state representative combined with others at a computer firm to promote the shares of the company which claimed to compete with Dell, Apple and others. About $26 million in stock was sold...more

4/12/2016 - Broker Commissions Disgorgement Misrepresentation Private Placements SEC Securities Act of 1933 Securities Exchange Act Securities Fraud Unregistered Brokers

The Vegas Sands FCPA Action: Good Controls are Good Business

FCPA cases typically center on the payment of bribes to obtain or retain business. The bribes paid are usually small in comparison to the profits achieved – the obvious motive for the wrongful conduct. The profits of course...more

4/11/2016 - Casinos China Compliance Corporate Counsel DOJ FCPA Financial Reporting Gaming Hotels Internal Controls SEC Securities Exchange Act

This Week In Securities Litigation

The Foreign Corrupt Practices Act was a key focus this week. The DOJ announced a new one year Pilot Program which holds the promise of a significant reduction in penalties if the firm self-reports and takes a series of steps....more

4/8/2016 - Class Action Compliance DOJ Electronic Trading Enforcement Actions FCPA Federal Pilot Programs Gaming Commissions Hong Kong Hong Kong Securities and Futures Commission (HKSFC) Internal Controls Moody's PCAOB SEC UK

A Unique SEC Offering Fraud Action

In recent years the SEC has brought a series of investment and offering fraud actions. Typically those actions center on schemes which promise to-good-to-be-true returns in which investors lose substantial sums. In what may...more

4/7/2016 - Enforcement Actions Investment Advisers Act of 1940 Misappropriation Offering Fraud Registered Investment Advisors SEC Securities Act of 1933 Securities Exchange Act

DOJ’s New FCPA Pilot Program: The Offer of Enhanced Credit

DOJ’s continuing focus on individuals has spawned a new one year FCPA Pilot Program which offers companies enhanced cooperation credit The new Pilot Program is part of an overall effort to bolster FCPA compliance. Those...more

4/6/2016 - Compliance Cooperation Corporate Misconduct Criminal Prosecution DOJ FCPA Federal Pilot Programs Individual Accountability Remedial Actions Risk Assessment SEC Self-Reporting

Supreme Court: Government Cannot Restrain Untainted Assets

Since the Supreme Court handed down its decisions in U.S. v. Monsanto, 491 U.S. 600 (1989) and Caplin & Drysdale, Chartered v U.S., 491 U.S. 617 (1989) is has been well established that a defendant’s Sixth Amendment right to...more

4/5/2016 - Asset Freeze Criminal Prosecution Luis v United States Right To Counsel SCOTUS Sixth Amendment White Collar Crimes

This Week In Securities Litigation

The Supreme Court declined to hear Bebo v. SEC, 799 F. 3d 765 (7th Cir. 2015), a suit challenging the SEC’s venue selection. The Court’s order left standing the decision of the circuit court affirming the dismissal of the...more

4/4/2016 - Accounting Standards Administrative Proceedings Bebo v SEC Block Chain CFTC Enforcement Actions ESMA EU Mary Jo White Petition for Writ of Certiorari Risk Assessment SCOTUS SEC Securities Litigation Venue

Class Action Settlements, Cases Paralleled by SEC Up in 2015

Cornerstone Research released a report on Securities Class Action Settlements, “Securities Class Action Settlements, 2015 Review and Analysis”. It records an increased number of settled securities class actions last year....more

4/4/2016 - Class Action Derivative Suit Enforcement Actions Financial Restatements GAAP SEC Securities Litigation Settlements

Fund Founder, Chief Legal Officer and Controller Sanctioned by SEC

The founder of a venture capital fund, assisted by its chief legal officer and controller, took more money from the fund as “advanced fees” than was actually due and owing. The money was used for other entities in the...more

3/31/2016 - Advances Enforcement Actions Investment Advisers Act of 1940 Limited Partnership Agreements Sanctions SEC Venture Capital

SEC-USAO Charge Former Fund Principal With Fraud

A former managing principal of Blackstone Group, and a partner at Park Hill Group which raises capital for private equity, was charged by the SEC and Manhattan U.S. Attorney’s Office with fraud. The charges are based on...more

3/30/2016 - Criminal Prosecution Misrepresentation SEC Securities Fraud Shell Corporations Wire Fraud

Will Supreme Court Hear A Challenge to SEC Venue Decisions?

The SEC continues to prevail in actions brought challenging its venue selections. On March 28, 2016, the Supreme Court denied a request for a writ of certiorari in Bebo v. SEC, 799 F. 3d 765 (7th Cir. 2015). Ms. Bebo’s case...more

3/29/2016 - Administrative Proceedings Bebo v SEC Chevron Deference Judicial Review Jurisdiction Petition for Writ of Certiorari SCOTUS SEC Venue

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