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USAO Moves To Dismiss Charges Related To London Whale

The saga of the London Whale appears to be drawing to a close. The Manhattan U.S. Attorney’s Office moved to dismiss charges against two former JP Morgan derivatives traders who were colleagues of Bruno Iksil, the London...more

This Week In Securities Litigation

The Commission affirmed by a divided vote an Initial Decision dismissing insider trading charges against Wells Fargo trader Joseph Ruggieri. At a hearing the Division of Enforcement failed to prove that in six instances Mr....more

SEC Sustains Dismissal of Wells Fargo Insider Trading Case

The rash of lawsuits challenging the SEC’s venue selection decisions may ultimately end with the Supreme Court reviewing the propriety of the retention process for Commission ALJs under the Constitution’s Appointments Clause...more

This Week In Securities Litigation

Recently installed Chairman Jay Clayton delivered his first remarks this week, outlining his views for moving forward. The Chairman emphasized IPOs, market structure, assessing the impact and cost of regulations and cyber...more

Insider Trading, Research on Evading Detection Yields SEC, DOJ Charges

Trying to cover-up illegal conduct can, and usually does, make the situation worse. A research engineer who used material non-public information obtained from his attorney wife to trade in advance of two acquisitions while...more

SEC Charges Boiler Room Operators With Fraud

Since the price of oil declined from its once lofty numbers the oil industry has suffered. Yet those engaged in offerings securities supposedly to fund oil firms do not seem to have been impacted....more

11th Circuit Rejects SEC Finding That Misstatements Are Material Despite Disclaimers

“Sunlight is said to be the best of disinfectants” according to Justice Lewis Brandeis. That theme has long been one of the pillars of federal securities regulation....more

This Week In Securities Litigation

In a holiday shortened week the Commission filed four actions: One arose from the failure of an adviser who arranged a transaction between two managed funds to honor the terms promised to one fund; a second charged the sister...more

Anti-Corruption Digest - July 2017

Welcome to Dorsey & Whitney’s monthly Anti-Corruption Digest. The Digest puts material regarding anti-corruption enforcement from around the world at your fingertips, keeping you ahead of critical events that impact global...more

SEC Injunction Not Time-Barred – In This Case

In Kokesh v. SEC, No. 16-529)(June 5, 2017) the Supreme Court held that the five year statute of limitations in Section 2462 of Title 28 applies to SEC claims for disgorgement because they are a penalty within the meaning of...more

This Week In Securities Litigation

The Supreme Court concluded that the three year limitation period for bringing suits based on Section 11 of the Securities Act is a statute of repose – it cannot be extended. The High Court also agreed to hear next term a...more

Supreme Court Will Hear Whistleblower Protection Case

The Supreme Court agreed to hear a key issue regarding the protections afforded whistleblowers next term. Specifically, the High Court will consider whether to be protected under the anti-retaliatory provisions of Dodd-Frank...more

Effective FCPA Compliance Programs: Building a Compliance Defense

The classic 1957 American mystery film “Three Faces of Eve,” about a woman with multiple personalities, may well describe the approach taken by the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange...more

Supreme Court Limits The Time For Filing SA §11 Suits

The Supreme Court concluded that the three year limitation period applicable to Securities Act Section 11 claims cannot be extended or tolled. California Public Employees’ Retirement System v. Anz Securities, Inc., No. 16-373...more

This Week In Securities Litigation

The first criminal charges against a major international bank and four of its executives tied to the market crisis were brought this week by the SFO. The charges were based on actions the firm took with private lenders to...more

SFO Criminally Charges Barclays, 4 Executives Tied to Market Crisis

Judge Roy Bean was known as a hanging judge. A saloon-keeper and justice of the peace he called himself the law west of the Pecos. ...more

SEC Files Another Financial Fraud Action

Despite an economy in which many firms are reporting favorable results, the Commission continues to ferret out those who try and take a short-cut to good financial performance through fraud. For example, in recent weeks the...more

This Week In Securities Litigation

A jury in Connecticut largely acquitted three former Nomura Securities RMBS trades charged with conspiracy, securities and wire fraud tied to allegations that the securities were mismarked. This is the second criminal case...more

Portfolio Manager Sentenced to Prison In Mismarking Scheme

Mismarking or misquoting securities can defraud market participants and harm the markets. It seems to be a recurring theme in recent weeks. See, e.g., SEC v. Im, Civil Action No. 1:17-cv-03603 (S.D.N.Y. Filed May 15,...more

SEC Resolves Financial Fraud Action

Financial fraud has long been a key SEC enforcement priority. The Commission’s most recent case in the area centered incorrect financial statements tied to the premature recognition of revenue reflecting errors and a failure...more

Spinning Debt Into Profits Yields SEC Fraud Charges

A miller claimed his daughter could spin straw into gold, according to the fable by the Brothers Grimm. And so she did – with a little help from a secret deal with Rumpelstiltskin. ...more

This Week In Securities Litigation

Chairman Clayton continued to build the senior staff this week, appointing Acting Enforcement Division Director Stephanie Avakian and Sullivan and Cromwell partner Steven Peikin as Co-Directors of the Division of Enforcement....more

SEC Charges BD For Repeated AML Violations

The Commission filed its second action this year centered on the failure of a broker-dealer to file SARs. The first was In the Matter of Windsor Street Capital, LP, Adm. Proc. File No. 3-17813 (Jan. 25, 2017). That action is...more

High Court Rejects SEC Effort to Avoid Limitation Period Again

p>Section 2462 of Title 28 imposes a five year statute of limitations in “an action, suit or proceeding for the enforcement of any civil fine, penalty, or forfeiture...” Twice the SEC has told the Supreme Court that the...more

SEC Prevails on Summary Judgment In Manipulation Case

The SEC prevailed on summary judgment in a manipulation case centered on the shares of a firm which operated under the name Marley Coffee — a name which linked back through Rohan Marley to his famous father, Bob Marley who is...more

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