William Carr

William Carr

Drinker Biddle & Reath LLP

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Profits Do Not Always Equal Disgorgement

Judge Scheindlin of the Southern District of New York recently rejected the SEC’s attempt to seek disgorgement of almost $500,000,000 from Samuel Wyly and Donald R. Miller Jr., the Independent Executor of the Will and Estate...more

8/21/2014 - Disgorgement Public Disclosure SEC Section 10(b) Section 17(a) Securities Exchange Act Securities Fraud

Director of SEC’s Division of Investment Management Provides Insights into Agency’s View of Alternative Mutual Funds and Focus of...

On June 30, 2014, in remarks to the Practising Law Institute’s Private Equity Forum, Norm Champ, Director of the SEC’s Division of Investment Management, addressed the increase in the number of mutual funds that use...more

7/14/2014 - AIFM Board of Directors Compliance Investigations Investment Company Act of 1940 Mutual Funds Popular SEC

SEC Resolves First Case Under New Municipalities Continuing Disclosure Cooperation Initiative

On July 8, 2014, the SEC announced that it had settled charges that a school district in California misled bond investors about its failure to comply with its continuing disclosure obligations under Rule 15c2-12 of the...more

7/14/2014 - Compliance Disclosure Disclosure Requirements SEC Securities Exchange Act

SEC Files First Antiretaliation Enforcement Case Against Hedge Fund Advisory Firm

In a first of its kind case, the SEC last week charged an investment adviser to a hedge fund with, among other things, retaliating against an employee who reported allegedly illegal trading activity to the agency. The SEC...more

6/25/2014 - Anti-Retaliation Provisions Dodd-Frank Enforcement Enforcement Actions Investment Adviser Retaliation SEC

District Court Confirms “Neither Admit Nor Deny” Settlements Applying Citigroup Factors

In March 2013, the SEC requested that Judge Victor Marrero of the United States District Court for the Southern District of New York approve consent judgments as to CR Intrinsic and CR Intrinsic Investments, LLC; S.A.C....more

6/24/2014 - Admissions of Liability Compliance Enforcement Actions Neither Admit Nor Deny Settlements Popular SEC Settlement

Second Circuit Vacates Judge Rakoff’s Order Refusing to Approve Citigroup “Neither Admit Nor Deny” Settlement

On June 6, 2014, the Second Circuit Court of Appeals vacated Judge Rakoff’s order refusing to approve a settlement between the SEC and Citigroup in which Citigroup neither admitted nor denied the agency’s allegations. See SEC...more

6/9/2014 - Chevron Deference Citigroup Consent Decrees Enforcement Enforcement Actions Interlocutory Appeals Judge Rakoff Risk Management SEC SEC v Citigroup Settlement

Recent Decision Demonstrates Reach of Lawson; Extends SOX Whistleblower Protections to Employee of a Nonpublic Subsidiary of a...

We recently blogged about the U.S. Supreme Court’s decision in Lawson v. FMR LLC, 571 S. Ct. __, 188 L. Ed. 2d 158 (Mar. 4, 2014), which held that the whistleblower protections in section 1514A applied not only to the direct...more

6/3/2014 - Contractors FMR LLC Lawson Lawson v FMR Popular Sarbanes-Oxley SCOTUS Subcontractors Subsidiaries Whistleblower Protection Policies Whistleblowers

CFTC Announces First Whistleblower Award

The U.S. Commodity Futures Trading Commission’s whistleblower program was created as part of the Dodd-Frank Act. Under the program, the CFTC will provide awards to whistleblowers who report violations of the Commodity...more

5/21/2014 - CFTC Dodd-Frank Enforcement Actions Whistleblower Awards Whistleblowers

SEC Gives Insider Trader a $30,000 Slap On The Wrist

On April 23, 2014, the SEC agreed to settle insider trading charges against Chris Choi, a former accounting manager at Nvidia Corporation who allegedly set into motion a trading scheme that reaped nearly $16.5 million in...more

5/19/2014 - Insider Trading Nvidia SEC Settlement

SEC Enters Into First NPA With An Individual

In 2010, the SEC implemented a Cooperation Initiative designed to encourage individuals and companies to cooperate with SEC investigations. See SEC Announces Initiative to Encourage Individuals and Companies to Cooperate and...more

5/14/2014 - Cooperation Initiative Deferred Prosecution Agreements eBay Enforcement Actions Mergers Non-Prosecution Agreements SEC

Quarterly Whistleblower Award Update

The SEC recently announced that it has denied whistleblower claims in connection with three different matters and awarded an additional $150,000 to the inaugural recipient of an award under the SEC’s whistleblower...more

4/9/2014 - Enforcement Actions FBI HUD SEC Whistleblower Protection Policies Whistleblowers

Lawson and Doral Expand Whistleblower Protections

Two recent decisions interpreting the Sarbanes-Oxley Act have significantly expanded the protections available for federal whistleblowers and increase the potential liability for public companies and private companies that...more

4/2/2014 - FMR LLC Lawson v FMR Sarbanes-Oxley SCOTUS Whistleblower Protection Policies Whistleblowers

Arbitration Agreements and Whistleblower Protections

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 directed the SEC to establish a “bounty program” for certain individuals who voluntarily provide the SEC with original information that leads to successful...more

3/31/2014 - Arbitration Arbitration Agreements Compliance Dodd-Frank SEC Whistleblower Protection Policies Whistleblowers

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