Thomas Gorman

Thomas Gorman

Dorsey & Whitney LLP

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No Investor Harm, No Ill-gotten Gains But SEC Fines Insurer $8 Million

Last week the Commission resolved a proceeding involving a life insurance company centered on the pricing of its variable annuity and variable life insurance products. Specifically, the Order alleged violations of Rule 22c-1...more

5/20/2015 - Enforcement Actions Life Insurance Nationwide Insurance Co. SEC Variable Annuities

Is the SEC a Toothless Watch Dog?

SEC enforcement actions are supposed to halt violations, protect investors and the markets, act as a deterrent and prevent a future repetition of wrongful conduct. To facilitate those goals settlements typically incorporate...more

5/19/2015 - Administrative Hearings Enforcement Actions Financial Crisis Fraud Fraud-on-the-Market Freddie Mac SEC Subprime Mortgages

SEC Settles Another Market Crisis Financial Fraud Action

The Commission resolved another financial fraud action stemming from the aftermath of the market crisis. This proceeding, initially brought in June 2014, named as a Respondent Thomas Neely, Jr., and E.V. P. of Regions Bank....more

5/18/2015 - Accounting Controls Banks Deferred Prosecution Agreements Enforcement Actions Financial Crisis Fraud SEC

This Week In Securities Litigation

The Commission filed and insider trading case in tandem with the Manhattan U.S. Attorney’s Office against a father and son based on repeated trades in advance of deal announcements even after FINRA initiated an investigation...more

5/15/2015 - FINRA Insider Trading Insurance Companies Investment Funds Misappropriation SEC Securities Fraud Stop Order Variable Insurance

Investment Professional Charged with Fraud, Self-Dealing by SEC

The SEC charged another investment professional with fraud and self-dealing. SEC v. Ahmed, Civil Action No. 3:15-cv-00675 (D. Conn. Filed May 5, 2015). Defendant Iftikar Ahmed is an investment professional who was a partner...more

5/14/2015 - Criminal Prosecution E-Commerce Investment Adviser Investment Funds SEC Securities Fraud Self-Dealing

SEC Files Fraud Action Centered on Student Loans

Student loans, and the debt burdening many students at graduation, is an important political topic. It is not generally a subject for the Securities and Exchange Commission. Nevertheless, at the center of is most recent...more

5/13/2015 - Audits Educational Institutions Enforcement Actions Financial Statements Fraud Itt Educational Services SEC Student Loans

SEC Files Offering Fraud Action Against Radio Show Hosts

The SEC filed another offering fraud action, a staple of Enforcement. This action centers on two recidivist radio talk show hosts selling interest in life settlements based on enhancements of their investment credentials,...more

5/12/2015 - Enforcement Actions Fraud Life Settlements SEC Securities Fraud

SEC Publishes A Memo On Forum Selection

In the wake of a series of law suits challenging the discretion of the SEC to bring actions as administrative proceedings and questioning of Chair White last week at a Senate Subcommittee budget hearing on the topic, the...more

5/11/2015 - Congressional Investigations & Hearings Enforcement Actions Forum Selection Clause Mary Jo White SEC

This Week In Securities Litigation

The debate over waivers WKSI waivers and other similar provisions continued this week. The Commission granted a WKSI waiver to Deutsche Bank despite a guilty plea to criminal felony charges but only over the dissent of...more

5/8/2015 - Australia Banks CFTC Deutsche Bank Enforcement Enforcement Actions EU Financial Institutions Hong Kong Investment Funds JPMorgan Chase Mining Misappropriation PCAOB SEC Securities Exchange Act WKSIs

SEC Files Another Market Crisis Case

The market crisis of the last decade seems to have a never ending dribble of cases. The SEC filed another this week, naming four former officers of Wilmington Trust Company as defendants. SEC v. Gibson (D.Del. Filed May 6,...more

5/7/2015 - Bank Holding Company C-Suite Executives Criminal Prosecution Enforcement Actions SEC Securities Act of 1933 Securities Exchange Act

WKSI Waivers For A Recidivist – And a Dissent By Commissioner Stein

The question of waivers from certain disqualifications under the securities laws which are triggered automatically in certain instances — such as on the entry of a guilty plea — continues to be a controversial topic at the...more

5/6/2015 - Capital Markets CFTC Criminal Prosecution Deutsche Bank Disqualification Recidivism SEC Securities Waivers

Father-Daughter Conclude Settlement With SEC

The SEC concluded its litigation with a father – daughter combination that solicited investors to purchase promissory notes based on representations that there would be risk free returns from forex trading. There were no...more

5/5/2015 - Enforcement Actions Misrepresentation Promissory Notes SEC Securities Securities Fraud

This Week In Securities Litigation

The SEC announced its first whistleblower award in a retaliation case this week. The agency also brought an insider trading case, an action against an investment adviser, its general counsel and auditor based on a conflict, a...more

5/1/2015 - Australia Banks Books & Records Conflicts of Interest Criminal Prosecution Enforcement Actions FINRA Insider Trading Investment Adviser Retaliation SEC Securities Securities Fraud Whistleblower Awards Whistleblowers

SEC Sanctions Adviser, and its CEO, GC and Auditor Based on Conflicts

Conflicts of interest are a central focus for the SEC. Indeed, conflicts are at the core of many of the actions brought against regulated entities. And, an undisclosed conflict was at the center of actions brought against a...more

4/30/2015 - Auditors C-Suite Executives Conflicts of Interest Enforcement Actions Hedge Funds Investment Adviser Investment Advisers Act of 1940 Sanctions SEC

CIO Sentenced for Insider Trading

David Riley, formerly the Chief Information Officer of Foundry Networks, Inc. was sentenced to serve 60 months in prison and pay a $50,000 fine based on insider trading charges. He was found guilty by a jury following a 13...more

4/29/2015 - C-Suite Executives Criminal Prosecution Insider Trading

SEC Halts Fraudulent Farm Loan Investment Program

The Commission initiated an action centered on the misuse of offering proceeds tied to farm loans. The defendants include an investment adviser, a financial planner and an attorney. SEC v. Veros Partners, Inc., Civil Action...more

4/28/2015 - Asset Freeze Enforcement Actions Farm Loans Farms SEC Securities Securities Fraud

Deutsche Bank Settles LIBOR Charges With FCA, DOJ, CFTC, NY State

Deutsche Bank paid $2.519 billion in fines and disgorgement, a subsidiary pleaded guilty to criminal charges and the parent entered into a three year deferred prosecution agreement which requires a monitor to resolve charges...more

4/27/2015 - Corporate Criminal Fines Deferred Prosecution Agreements Deutsche Bank Disgorgement DOJ Enforcement Actions Financial Conduct Authority Libor Market Manipulation SEC

This Week In Securities Litigation

The Department of Justice unsealed criminal charges against a U.K. trader who is alleged to have contributed to the flash crash almost five years ago. The trader is alleged to have manipulated the market for certain...more

4/24/2015 - CME DOJ Flash Crash Fraud Market Manipulation Offerings Price Manipulation Public Offerings Securities Securities Fraud

DOJ Charges A Futures Trader With Contributing To The Flash Crash

Almost five years ago the Dow Jones Industrial Average dropped about 600 points in five minutes, creating chaos in the markets and huge losses for many. The market debacle became known as the flash crash. The causes were...more

4/23/2015 - Criminal Prosecution DOJ Enforcement Actions Market Manipulation Price Manipulation Wire Fraud

SEC Files Two Offering Fraud Actions Tied To A Horse Farm

The Commission filed two settled offering fraud actions centered in part around an entity engaged in the purchase and sale of thoroughbred horses called Raintree Racing. A second involved an offering of interests in a real...more

4/22/2015 - ALJ Civil Monetary Penalty Disgorgement Enforcement Actions Offerings Real Estate Investments SEC Securities Securities Fraud

BlackRock, CCO Settle SEC Conflict Charges

Conflicts of interest involving market professionals continue to be a focus of SEC enforcement. In many cases the conflict is uncovered by the inspection staff, OCIE. This time, however, the information came from an article...more

4/22/2015 - BlackRock Conflicts of Interest Enforcement Actions Investment Adviser Investment Funds OCIE Popular SEC

Internal Investigations and Cooperation Credit in FCPA Investigations

Cooperation credit and conducting internal investigations were key themes in recent remarks by Assistant Attorney General Leslie Caldwell at New York University Law School’s Program on Corporate Compliance and Enforcement...more

4/20/2015 - Chief Compliance Officers Compliance Cooperation Agreement FCPA Internal Investigations Self-Reporting

This Week In Securities Litigation

Microcap fraud, misappropriation by investment advisers and offering fraud cases were the focus of SEC enforcement this week. The Commission filed a microcap fraud action centered on blank check companies involving ten...more

4/17/2015 - CFTC Congressional Investigations & Hearings Disclosure Requirements Enforcement Actions Investment Adviser Mary Jo White Misappropriation PCAOB SEC Securities Securities Fraud Securities Litigation Serious Fraud Office

SEC Files Financial Fraud Action Against Japan Based Controller

The Commission filed a financial fraud action against a former senior accounting officer and controller of Molex Japan Co., Ltd., the Japanese based subsidiary of publically traded Molex Inc. The scheme, which took place in...more

4/16/2015 - Books & Records C-Suite Executives Foreign Subsidiaries Fraud Japan Popular SEC Securities Exchange Act Securities Fraud

SEC Files Offering Fraud and Ponzi Scheme Cases

A staple of SEC enforcement in recent years has been offering fraud and Ponzi scheme cases. This week the Commission filed two more of these actions, one an offering fraud targeting military personnel and a second and...more

4/15/2015 - Enforcement Actions Investment Advisers Act of 1940 Investment Funds Military Service Members Offerings Ponzi Scheme SEC Securities Securities Act of 1933 Securities Fraud

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