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This Week In Securities Litigation

The Commission became a cybersecurity headline this week, not for brining a case or writing a rule in the area but for an intrusion into its systems. The Chairman issued a statement on the subject....more

SEC, USAO Charge Tech Company Founder With Insider Trading

Most of the discussion about insider trading these days is dominated by debates about whether there is a personal benefit, a gift, the application of the Supreme Court’s opinion in Salman last term or the split opinion in...more

Fraudulent “Social Security Maximization” Scheme Ends With Guilty Plea

P.T. Barnum should have said “there is a new scheme born every minute.” Yesterday a Wall Street office and Sinatra songs were used to lure would-be investors to a commodity fraudster who took investor funds for his own and...more

A Video Plus a Sinatra Song Attracted Investors for Fraudster

A Wall Street office; a youtube.com video; Frank Sinatra singing New York New York. These were the keys to building an apparently successful commodity trading business that attracted clients – at least for a while. ...more

This Week In Securities Litigation

The Commission filed another in a series of actions against an investment adviser who put wrap fee program clients into more expensive mutual fund shares that benefited the adviser and disadvantaged the client. Two more...more

SEC Files Two Cherry Picking Actions, Aided by Statistical Analysis

The Commission has continued to use statistical analysis to bolster its enforcement claims. One area in which this has been done is “cherry picking” cases....more

SEC Sanctions Adviser For Failing To Follow Its Procedures

It is axiomatic that investment advisers are required to the follow dictates of firm operating documents, internal procedures and disclosed policies and procedures. OCIE, when conducting inspections, focuses on such issues....more

SEC ALJs Before the Supreme Court: Will the Court Take The Issue?

The validity of the SEC ALJs’ under the Constitution’s Appointments Clause is a critical issue the Supreme Court is considering for addition to its docket this term which will begin on the first Monday in October. Petition...more

This Week In Securities Litigation

In the period beginning the week before the Labor Day holiday and the week following it, the Commission brought a series of actions which included three insider trading actions. One involved an attorney who used information...more

Dorsey Anti-Corruption Digest - September 2017

Keeping ahead of global anti-corruption trends is critical in today’s business markets. The Dorsey Anti-Corruption Digest, which puts global trends at your fingertips, puts you ahead. The deep experience of the Dorsey...more

Trying To Get Listed on NASDAQ By Marking-the-Close

The goal was to get the pink sheets traded firm listed on NASDAQ. A key requirement is that the share price be at or above $2.00 for ninety consecutive trading days. ...more

The Martoma Insider Trading Decision - Business, Gifts and Friends

The Second Circuit split over the question of gift giving in insider trading cases, upholding the conviction of former SAC Capital healthcare stock analyst Mathew Martoma. The decision is the first circuit court case to...more

Trading in Opaque Markets: Fraud, Materiality and Compliance

This is the final segment of an occasional series regarding a group of criminal and civil securities fraud actions involving trading in opaque markets and the lessons that can be drawn the prosecutions. ...more

Trading in Opaque Markets: Fraud, Materiality and Compliance

This is the third segment of an occasional series regarding a group of criminal and civil securities fraud actions involving trading in opaque markets and the lessons that can be drawn them. Litvak II - Before Shapiro...more

This Week In Securities Litigation

The Commission filed actions against investment advisers or their associates this week involving: compliance issues tied to political intelligence regarding government agencies like CMS; another centered on the payment of...more

SEC Charges Adviser With Deficient Controls

The SEC has in the past brought actions against political intelligence firms. One involved compliance procedures and required admissions as part of the settlement....more

Trading in Opaque Markets: Fraud, Materiality and Compliance

This is the second segment of an occasional series regarding a group of criminal and civil securities fraud actions involving trading in opaque markets and the lessons that can be drawn them; the first segment is...more

This Week In Securities Litigation

The SEC filed an insider trading case this week based on three separate trading chains that netted $5 million in trading profits, all back to a New York City bank official. The Manhattan U.S. Attorney’s Office filed a...more

Dentist, Claiming Tip Was a Rumor, Wins Insider Trading Case

A jury found Jessie Roberts, a Louisiana dentist who claimed what the government called an illegal tip was just a rumor, not guilty of insider trading. U.S. v. Roberts, No. 15-ct-00020 (M.D. La. Filed Feb19, 2015). The case...more

What Is The Value of Cooperation With the SEC?

The Commission has long encouraged firms and individuals to cooperate with its investigations based on the promise of consideration when the action is resolved. When the resolution is reached the agency may acknowledge the...more

This Week In Securities Litigation

Four criminal securities cases moved to or toward resolution over the past week. The jury in the Martin Shkreli trial returned a verdict of guilty on three counts and not guilty on five others at the end of last week....more

Trading in Opaque Markets: Fraud, Materiality and Compliance

This is the first segment of an occasional series regarding a group of criminal and civil securities fraud actions involving trading in opaque markets and the lessons that can be drawn the prosecutions Introduction -...more

Former Hedge Fund Manager Gets Split Jury Verdict

Former hedge fund manager and pharmaceutical executive Martin Shkreli was acquitted on five counts and convicted on three others under an indictment centered on conspiracy and securities fraud charges tied to three firms....more

Dorsey Anti-Corruption Digest - August 2017

The Department of Justice (DOJ) ended its probe of Net1 UEPS Technologies, according to SEC filings from the South African-based payment processing company. The company received a declination from the Securities and Exchange...more

This Week In Securities Litigation

In one of the few FCPA cases tried to verdict before a jury, NG Lap Seng, Chairman of Sun Kan lp Group was convicted. The case centered on bribing two UN ambassadors in connection with the Macau Conference Center project....more

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