William M. Regan

William M. Regan

Katten Muchin Rosenman LLP

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Smith & Wesson Pays $2 Million to Resolve SEC Charges

On July 28, Smith & Wesson Holding Corporation, one of the largest gun manufacturers in the United States, agreed to pay more than $2 million to settle Securities and Exchange Commission charges alleging that it had bribed...more

8/5/2014 - Accounting Controls Bribery FCPA Gun Manufacturers Internal Controls Manufacturers Neither Admit Nor Deny Settlements SEC Settlement Smith & Wesson

Former Chief Operating Officer Settles SEC Fraud Claims

The Securities and Exchange Commission recently announced that Peter Jenson, the former chief operating officer of Harbinger Capital Partners LLC, agreed to pay a $200,000 civil penalty to resolve charges that he aided the...more

8/5/2014 - Civil Monetary Penalty Enforcement Actions Income Taxes Misappropriation Mutual Funds SEC Securities Securities Fraud

Corporate and Financial Weekly Digest - Volume IX, Issue 30

In this issue: - Amendments to FINRA Rule 2210 Regarding Communications With the Public - Smith & Wesson Pays $2 Million to Resolve SEC Charges - Former Chief Operating Officer Settles SEC Fraud...more

8/4/2014 - Advertising Banking Sector Banks Broker-Dealer Corporate Officers Electronic Communications FINRA Misappropriation Retailers Rule 2210 SEC Securities Securities Exchange Act Securities Fraud Settlement Smith & Wesson

SEC Obtains Settlement for Investment Adviser’s Real Estate Investment Fraud

The Securities and Exchange Commission recently announced a settlement with an investment adviser based on alleged fraud in a real estate investment offering....more

6/25/2014 - Fraud Investment Adviser Real Estate Market SEC Settlement

Delaware Court of Chancery Finds Contract Rate Applies to Post-Judgment Interest

The Delaware Court of Chancery recently held that, in a case alleging breach of a loan agreement for more than $100,000, post-judgment interest accrues at the rate set forth in the agreement and not at the lower statutory...more

6/25/2014 - Breach of Contract Contract Rates Loan Agreements

Corporate and Financial Weekly Digest - Volume IX, Issue 25

In this issue: - Delaware Court of Chancery Rules That a Major Debt Holder and 48 Percent Stockholder Is a Controlling Stockholder and Owes Fiduciary Duties to Minority Stockholders - Delaware Court of Chancery...more

6/23/2014 - Compliance Controlling Stockholders Cross-Border Debt Debtors Disclosure Requirements FCMs Fiduciary Duty FINRA Fraud Investment Adviser Minority Shareholders Real Estate Market SEC Shareholder Litigation Shareholders Swaps

SEC Alleges Insider Trading by Two Friends in Advance of the Acquisition of The Shaw Group Inc.

On April 3, the Securities and Exchange Commission brought a lawsuit against Walter Wagner and Alexander Osborn, alleging that the two friends realized almost $1 million in profits by illegally trading securities of The Shaw...more

4/23/2014 - Fraud Insider Trading SEC

SEC Brings Lawsuit Against Hedge Fund Manager for Defrauding Investors

On April 4, the Securities and Exchange Commission filed a complaint against Matthew D. Sample, founder of hedge fund Lobo Volatility Fund, LLC, for fraudulently raising approximately $1 million from five investors. According...more

4/23/2014 - Fraud Hedge Funds SEC Securities Fraud

Corporate and Financial Weekly Digest - Volume IX, Issue 16

In this issue: - US Court of Appeals for the District of Columbia Circuit Partially Invalidates Conflict Minerals Rule - FINRA Proposes Rule 2081 to Prohibit “Bargained-For” Expungements - SEC Issues FAQs...more

4/21/2014 - Broker-Dealer CME Conflict Mineral Rules Expungement FINRA Fraud Hedge Funds SEC

SEC Obtains Settlement for Violations of Registration Rules and “Layering”

The Securities and Exchange Commission recently announced a settlement with two brokerage firms and certain of their executives for improper compensation-sharing and “layering,” a strategy in which a trader places and later...more

4/17/2014 - Broker-Dealer Executive Compensation SEC Settlement Visionary

Foreign Judgment in Criminal Fraud Action Enforceable in New York

A New York Appellate Court held for the first time that a judgment issued by a foreign country’s criminal court awarding monetary compensation to a fraud victim is civil, not penal in nature, and therefore enforceable in New...more

4/16/2014 - Civil Monetary Penalty Crime Victims Criminal Prosecution

Corporate and Financial Weekly Digest - Volume IX, Issue 15

In this issue: - SEC Issues New FAQs on Conflict Minerals - SEC Issues Frequently Asked Questions Regarding the Amendments to the Broker-Dealer Reporting Rule - FINRA Requests Comment on Rules Regarding...more

4/14/2014 - Broker-Dealer CFTC Collateralized Loan Obligations Conflict Mineral Rules FINRA Leverage Capital Ratio MTFs SEC Swaps

District Court Grants Preliminary Approval of Settlement in Merger Case

The US District Court for the Western District of Pennsylvania recently granted preliminary approval to settle a merger suit in which Michael Baker Corp. (Baker) shareholders alleged that the $397 million purchase price that...more

3/13/2014 - Mergers Purchase Price Settlement

US Court of Appeals for the Eleventh Circuit Upholds Fraud Penalties for Ex-GlobeTel Executives

The US Court of Appeals for the Eleventh Circuit recently upheld a summary judgment decision granted in favor of the US Securities and Exchange Commission against three former GlobeTel Communications Corp. (GlobeTel)...more

3/13/2014 - Enforcement Actions Fraud Penalties Personal Liability Professional Liability SEC Telecommunications

Corporate and Financial Weekly Digest - Volume IX, Issue 10

In this issue: - FINRA Requests Comment on Proposed Rule Set for Limited Corporate Financing Brokers - SEC Issues No-Action Relief to Broker Dealers from Financial Responsibility Rule 15c3-3 Amendments -...more

3/10/2014 - Appeals CFTC Disgorgement False Reporting Financial Reporting FINRA Fraud Mergers SEC

District Court Upholds SEC’s Partial Win in Bank Fraud Suit

The US District Court for the Southern District of Florida recently refused to reconsider its earlier decision granting partial summary judgment in favor of the Securities and Exchange Commission in a securities fraud case...more

2/12/2014 - Bank Fraud Banks Enforcement Actions SEC

SDNY Grants SEC’s Final Summary Judgment Claim in Securities and Investment Advisor Fraud Case

The US District Court for the Southern District of New York granted the Securities and Exchange Commission summary judgment on its one outstanding securities fraud claim against Alberto Vilar and Gary Tanaka, co-founders of...more

2/12/2014 - Enforcement Actions Fraud Investment Adviser SEC Securities Fraud Summary Judgment

Corporate and Financial Weekly Digest - Volume IX, Issue 6

In this issue: - SEC Division of Corporation Finance Issues Guidance on Rule 506(c) Private Placements - SEC Issues No-action Relief Regarding Registration of M&A Brokers - CFTC Issues Guidance on New...more

2/11/2014 - Alternative Investment Funds Bank Fraud Banks Brokers CFTC Due Diligence Exemptions Filing Requirements Fraud Investment Adviser Investment Funds No-Action Relief Private Placements Registration Rule 506 Offerings SEC Swap Dealers Swaps

Eleventh Circuit Upholds Directors’ Affirmative Defenses Based on FDIC’s Post-Receivership Conduct

The US Court of Appeals for the Eleventh Circuit recently issued the first appellate decision holding that, in actions brought by the Federal Deposit Insurance Corporation (FDIC), the officers and directors of failed banking...more

1/21/2014 - Affirmative Defenses Banks Directors FDIC Officers Professional Liability Receivership

Delaware Chancery Analyzes Scienter Requirement in Insider Trading Claim

In a derivative action alleging insider trading, the Delaware Court of Chancery recently held that demand was excused as futile where the stockholder plaintiff alleged that a majority of the corporation’s board members sold...more

1/21/2014 - Insider Trading Medicare Pharmaceutical Prescription Drugs Scienter

Corporate and Financial Weekly Digest - Volume IX, Issue 3

In this issue: - CFTC Issues No-Action Relief to FCMs Relating to Enhanced Customer Protection Rules - Eleventh Circuit Upholds Directors’ Affirmative Defenses Based on FDIC’s Post-Receivership Conduct -...more

1/20/2014 - Affirmative Defenses Banks CFTC Collateralized Debt Obligations Directors FCMs FDIC Insider Trading No-Action Relief OCC Professional Liability Receivership Scienter Trust Preferred Securities

Delaware Chancery Reviews Privilege for Mixed Business and Legal Advice

The Delaware Court of Chancery recently affirmed that communications in which legal advice predominates and cannot be segregated from business advice may be withheld under the attorney-client privilege....more

12/24/2013 - Attorney-Client Privilege Corporate Counsel

SEC Announces Enforcement Results for 2013

The Securities and Exchange Commission recently announced the results of its enforcement activities during fiscal year 2013. Most notably, the SEC disclosed that it filed 686 enforcement actions and recovered $3.4 billion in...more

12/24/2013 - Enforcement Enforcement Actions SEC

Second Circuit Says Injured Investors Lack Standing to Challenge Release of Fair Funds to US Treasury

The US Court of Appeals for the Second Circuit recently held that injured investors, who had already recovered some of their losses due to certain specialist firms’ “manipulative tactics,” lacked standing to challenge the...more

11/20/2013 - Investors Sarbanes-Oxley SEC Standing U.S. Treasury

Third Circuit Finds Delaware Chancery’s Arbitration Program Unconstitutional

A three-judge panel of the US Court of Appeals for the Third Circuit recently affirmed an injunction against the Delaware Court of Chancery’s arbitration program, finding that the confidential proceedings violate the First...more

11/19/2013 - Arbitration Confidentiality First Amendment

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