The Commission created Rule 10b5-1 plans two decades ago. The rule essentially creates a safe haven for those who in good faith trade securities and are not in possession of inside information....more
Things change, at least sometimes. Take Crypto assets. They began as a way to “get off the grid.” Over time some came on to the grid as their popularity increased. Others stayed off....more
12/15/2022
/ Criminal Prosecution ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Internal Controls ,
Investors ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Trading Platforms
The question of what constitutes insider trading has been litigated for decades. Many thought that a series of Supreme Court cases such as Dirks v. SEC, 462 U.S. 646 (1983) and its progeny had largely resolved the question...more
1/27/2021
/ Centers for Medicare & Medicaid Services (CMS) ,
Criminal Prosecution ,
Dirks v SEC ,
Fraud ,
Insider Trading ,
Intangible Property ,
Material Nonpublic Information ,
Rule 10(b) ,
Sarbanes-Oxley ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Fraud ,
Wire Fraud
The bribery provisions of Exchange Act Section 30A are one of the three critical components of the Foreign Corrupt Practices Act. The other two are the books and records and the internal control requirements....more
8/16/2019
/ Appeals ,
Books & Records ,
Bribery ,
Criminal Convictions ,
Criminal Prosecution ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Official ,
Internal Controls ,
Quid Pro Quo ,
Securities Exchange Act ,
United Nations
Despite the fact that the Foreign Corrupt Practices Act has been in force for decades there is relatively little case law interpreting its provisions. A great deal of the existing interpretation of the Act stems from...more
9/12/2018
/ Bribery ,
Compliance ,
Conspiracies ,
Criminal Conspiracy ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Official ,
Indictments ,
Popular ,
Securities and Exchange Commission (SEC) ,
White Collar Crimes
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
3/9/2018
/ Airbus ,
Barclays ,
Criminal Conspiracy ,
Criminal Prosecution ,
Declination ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Foreign Corrupt Practices Act (FCPA) ,
Fraud ,
Money Laundering ,
Nestle ,
Securities and Exchange Commission (SEC) ,
State-Owned Enterprises ,
Suspensions & Debarments ,
White Collar Crimes
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
1/9/2018
/ Anti-Corruption ,
Austria ,
Bribery ,
Compliance ,
Corruption ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
EU ,
Extradition ,
Fédération Internationale de Football Association (FIFA) ,
Foreign Corrupt Practices Act (FCPA) ,
France ,
India ,
Money Laundering ,
Netherlands ,
Russia ,
Securities and Exchange Commission (SEC) ,
Siemens ,
Suspensions & Debarments ,
UK ,
Ukraine
Deputy Attorney General Rod Rosenstein announced the addition of a new Department of Justice (DOJ) Foreign Corrupt Practices Act (FCPA) policy, titled the FCPA Corporate Enforcement Policy. The new policy, which was...more
12/7/2017
/ Airbus ,
Compliance ,
Corruption ,
Criminal Convictions ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Extractive Industry Transparency Rule ,
Fédération Internationale de Football Association (FIFA) ,
Foreign Corrupt Practices Act (FCPA) ,
HSBC ,
Popular ,
Rolls-Royce ,
Securities and Exchange Commission (SEC) ,
Serious Fraud Office (SFO) ,
Wal-Mart ,
World Bank
An effective program is a key corporate function of increasing importance. It can be a competitive advantage, creating a tone of excellence which permeates the firm’s culture, products, services and customer relations....more
Sweden-based Telia Company AB has agreed to pay $965 million to settle Foreign Corrupt Practices Act (FCPA) charges with the Department of Justice (DOJ) and Securities and Exchange Commission (SEC). U.S. v. Telia Co., No....more
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
9/8/2017
/ Bribery ,
Compliance ,
Conflicts of Interest ,
Corruption ,
Criminal Conspiracy ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Forfeiture ,
GlaxoSmithKline ,
Internal Controls ,
Money Laundering ,
Oil & Gas ,
Petrobras ,
Rolls-Royce ,
Securities and Exchange Commission (SEC) ,
Serious Fraud Office (SFO) ,
Theft ,
Uber
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
8/4/2017
/ Bribery ,
Compliance ,
Corruption ,
Criminal Convictions ,
Criminal Prosecution ,
Declination ,
Donald Trump ,
Enforcement Actions ,
Exxon Mobil ,
FBI ,
Foreign Corrupt Practices Act (FCPA) ,
Forfeiture ,
Halliburton ,
IBM ,
Russia ,
Senate Confirmation Hearings ,
Trump Administration ,
White Collar Crimes
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
7/7/2017
/ Bribery ,
Chief Compliance Officers ,
Civil Monetary Penalty ,
Compliance ,
Criminal Convictions ,
Criminal Prosecution ,
Declination ,
Department of Justice (DOJ) ,
Disgorgement ,
Enforcement Actions ,
Fédération Internationale de Football Association (FIFA) ,
Financial Conduct Authority (FCA) ,
Foreign Corrupt Practices Act (FCPA) ,
Money Laundering ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Statute of Limitations ,
Tax Evasion
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 ,
Department of Justice (DOJ) ,
Federal Pilot Programs ,
Foreign Corrupt Practices Act (FCPA) ,
Individual Accountability ,
Remedial Actions ,
Risk Assessment ,
Securities and Exchange Commission (SEC) ,
Self-Reporting
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
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
The man who orchestrated a large international microcap market manipulation involving at least 34 persons was sentenced to serve 216 months in prison after pleading guilty. Harold Gallison, pleaded guilty to two counts of...more
The SEC prevailed in its insider trading/tipping case against two New York brokers were Newman and its tipping standard was a key issue. SEC v. Payton, Civil Action No. 14 civ 4644 (S.D.N.Y.). On Monday a jury in New York...more
When anyone discusses insider trading these days Newman invariably becomes a key topic. Prosecutors decry the decision and its tipping standard. Little doubt why. It has been offered as a defense in innumerable cases. A...more
The Newman personal benefit test in insider trading tipping cases is front and center this week as the Supreme Court agreed to consider the issue. The Court passed on the opportunity to consider the question when first...more
1/22/2016
/ Capital One ,
Criminal Prosecution ,
Insider Trading ,
Internal Controls ,
Investment Funds ,
PCAOB ,
Personal Benefit ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Unregistered Securities ,
US v Salman
Rochdale Securities LLC, at one time a small Commission registered broker-dealer based in Stamford, Connecticut, is perhaps best known as the firm where a registered representative and his customer placed orders for over 1.6...more
The scheme was perfect. Broker Vladimir Eydelman of Oppenheimer & Co. would place the trades; law school graduate Steven Metro, a clerk at Simpson Thatcher, would misappropriate the inside information; mortgage broker Frank...more
Since at least the market crisis there has been a clamor to convict senior corporate officials of federal felonies – or at least name them in a civil law enforcement action by the SEC or another agency. For years the...more
10/7/2015
/ C-Suite Executives ,
Cooperation ,
Corporate Management ,
Corporate Misconduct ,
Corporate Officers ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Government Investigations ,
Law Enforcement ,
White Collar Crimes ,
Yates Memorandum
Since the SEC announced the formation of its Financial Fraud Task Force two years ago the agency has struggled to establish this once enforcement mainstay as a current staple. Some commentators have suggested that a trend is...more
The Commission responded to critics of its administrative proceedings this week, proposing changes to the Rules of Practice which govern them. If adopted the new rules would modify the time period within which the actions...more
9/25/2015
/ Accounting Fraud ,
Administrative Hearings ,
Bitcoin ,
Criminal Prosecution ,
Cybersecurity ,
Enforcement Actions ,
ETFs ,
False Press Release ,
Foreign Corrupt Practices Act (FCPA) ,
Injunctions ,
Insider Trading ,
Investment Funds ,
Jury Verdicts ,
Liquidity Risk Management Rule ,
Management Fees ,
Mutual Funds ,
PCAOB ,
Ponzi Scheme ,
Price Manipulation ,
Proposed Regulation ,
Rules of Practice ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Fraud