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This Week In Securities Litigation

Heading into a long holiday weekend the Chairman continued to fill out the senior staff of the agency. Peter Uhlmann, a staff veteran who has held several senior management positions, was appointed as Managing Executive in...more

SEC, USAO Charge Four With Insider Trading Tied to Political Intelligence

The Commission resolved an earlier action against a political intelligence firm that had ties to the Centers for Medicare & Medicate Services or CMS by requiring admissions, a cease and desist order and revamped compliance...more

SEC Halts A “Safe,” “High Return” Investment Scheme

When the returns are far above market and the investment is safe and carries little to no risk, more likely it fits into the not to be believed category. Yet time after time investors flock to investment programs supposedly...more

Fake News, Fake Tender Offer, Yields SEC, DOJ Charges

The Commission brought an enforcement action, in conjunction with the Manhattan U.S. Attorney’s Office, charging Robert Murray with conducting a fake tender offer using fake news. The purpose was to manipulate the share price...more

SEC, Cooperman Settle Insider Trading Claims

The Commission settled its hotly contested insider trading case against well-known hedge fund manager, Leon Cooperman. SEC v. Cooperman (E.D. Pa. Filed Sept. 21, 2016)....more

This Week In Securities Litigation

The new Chairman continues to build out the senior staff, making key appointments. Specifically, the Chairman appointed: Jaime Klima, formerly co-chief of staff under Acting Chairman Piwowar, as his Chief Counsel; Lucas...more

SEC Charges Nomura Trades With Fraud

Three traders from Nomura Securities International, Inc. went on trial in early May 2017 for overcharging client in trades involving residential mortgage backed securities or RMBS. The U.S. Attorney’s Office for the District...more

SEC Enforcement, ALJs and the Appointments Clause – Part II

This is the second of two articles reviewing the arguments of the parties in SEC v Raymond J. Lucia Companies, Inc., v. Securities and Exchange Commission, No. 15-1345 (D.C. Cir. Argument May 24, 2017). In that case the en...more

SEC Enforcement, ALJs and the Appointments Clause

The future of the SEC’s administrative enforcement process and, in particular its Administrative Law Judges, will be the focus of the D.C. Circuit this week as the Court, sitting en banc to hear oral argument in SEC v Raymond...more

This Week In Securities Litigation

New Chairman Jay Clayton began at the agency this week. There are now three Commissioners, at least until early June when the term of another Commissioner expires. ...more

SEC: Barclays Charged Excessive Fees In Wrap Fee Program

The Commission has brought a series of actions against investment advisers tied to wrap fee programs. Typically, the actions alleged either that clients were not told the magnitude of fees when an adviser “traded away” or...more

Surge In Securities Class Action Filings Reported In First Quarter

In the first quarter of 2017 there was a record number of securities class actions filed, according to a new report by Cornerstone Research. In the first quarter of this year 127 securities class actions were filed compared...more

Jury Rejects SEC Market Crisis Fraud Claims Against Bank, CEO

Last week the SEC prevailed on a partial motion for summary judgment, obtaining a ruling that certain individuals involved in an offering fraud acted as unregistered broker dealers. This week, the Commission lost a long...more

SEC Prevails on Partial Summary Judgment

The Commission prevailed on a motion for partial summary judgment in an offering fraud action. The agency won a ruling concluding that certain defendants acted as unregistered brokers in violation of Exchange Act Section...more

This Week In Securities Litigation

Jay Clayton was confirmed by the Senate this week and sworn in as the new SEC Chairman. This gives the agency three Commissioners, although Commissioner Stein’s term ends in June....more

SEC, Issuer, CFO Settle Financial Fraud Claims

A Luxembourg based seller of semiconductor products with the bulk of its operations in South Korea and a finance executive settled financial fraud charges with the Commission. Previously, the issuer restated its financial...more

SEC Enforcement Activity Declines In an Era of Uncertainty

It is axiomatic that markets hate uncertainty. So apparently do market regulators. A report on SEC enforcement activity shows a significant decrease in the number of enforcement actions brought in the first half of fiscal...more

This Week In Securities Litigation

Two former senior executives of Magyar Telecom, controlled by Deutsche Telekom AG, resolved long running FCPA charges with the Commission. The charges stem from the 2011 settlements of the company with the SEC and DOJ tied to...more

Investment Banker Charged with Insider Trading by SEC, USAO

Investment banker Avaneesh Krishnamoorthy was supposed to report his outside brokerage account and that of his wife to his firm. He did not....more

SEC Settles FCPA Charges With Two Former Telecom Executives

Two former executives of Hungarian telecom firm Magyar Telecom settled FCPA charges with the SEC shortly prior to the commencement of their trial. Former CEO Elek Straub, and former Director of Central Strategic Organization...more

The SEC, Insider Trading and Prosecutorial Obligations

Proving a close personal relationship between a corporate insider and a trader can be key to establishing illegal tipping. The relationship can support a claim by the SEC or the DOJ that the inside information was transmitted...more

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

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