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SEC Charges 71 Issuers under its Municipalities Continuing Disclosure Cooperation Initiative

On August 24, 2016, the Securities and Exchange Commission (SEC) announced enforcement actions against 71 municipal issuers and other obligated persons (collectively, the municipal issuers) under the SEC’s Municipalities...more

Double-Check the Math: Advisers Should Not Provide Clients With Performance Data Created by Other Investment Managers Without...

In a series of enforcement actions this week, the SEC made it clear that investment advisers need to substantiate the performance records of investment management firms they recommend to their clients. In these cases,...more

Overdraft Service Program Costs Bank $10M in CFPB Fine

Overdraft services practices were the basis for a $10 million fine from the Bureau of Consumer Financial Protection (CFPB) in a recent action against a national bank operating primarily in the northeast....more

The FTC Rules Against LabMD in On-Going Data Security Case

The lengthy saga between the Federal Trade Commission (FTC) and LabMD, Inc. reached another turning point on July 28, 2016. The FTC issued its unanimous Opinion in which it found that LabMD’s data security practices were...more

What You Need to Know Now About the CFPB’s Debt Collection Proposal

On July 28, 2016, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued its outline of proposals under consideration for the regulation of debt collection. This 117-page release, entitled “Small Business Review...more

ITC Puts 337 Case on Imports of Steel on Hold

On April 26, the United States Steel Corporation (U.S. Steel) filed a complaint with the International Trade Commission (ITC) alleging that certain unfair trade practices relating to the import of steel carbon and alloy steel...more

FTC Slaps Down ALJ’s Data Security Ruling in LabMD, Sets Broad Mandate for Protection of “Sensitive” Consumer Data

In a sweeping statement of its data security expectations for organizations that maintain consumer information, the Federal Trade Commission on Friday found that LabMD, the defunct medical testing lab, failed to employ...more

Federal Court Grants Full Civil Trial to FERC Enforcement Target

The decision will likely affect the strategies of enforcement targets in electric market manipulation cases. For the first time, a federal district judge has held that a review of a Federal Energy Regulatory Commission’s...more

Equity Trust Notches a Rare Defense Win in SEC Administrative Proceedings

On June 27, 2016, SEC Administrative Law Judge Carol Fox Foelak dismissed the Division of Enforcement’s charges against IRA custodian Equity Trust Company in connection with the company’s processing of investments marketed by...more

Payment Processor Hit With CFPB Action

A payment processor and two executives were the subject of a new Consumer Financial Protection Bureau (CFPB) action, with the Bureau charging that the defendants enabled their clients to make unauthorized withdrawals from...more

Novel Reading Of Statute Widens CFPB Jurisdiction

Tucked away in a seemingly innocuous paragraph in a complaint, the Consumer Financial Protection Bureau has asserted an extraordinary and potentially far-reaching expansion of its authority. On June 6, 2016, the CFPB...more

OIG Issues Revised Policy Statement Regarding Permissive Exclusion

On April 18, 2016, the Office of Inspector General of the United States Department of Health and Human Services (“OIG”) issued a revised policy statement containing the new criteria that OIG intends to use in implementing its...more

OIG Issues New Exclusion and CIA Guidance

On April 18, 2016, Inspector General Daniel R. Levinson announced the publication of updated guidance on how the Office of Inspector General (OIG) makes decisions about using its permissive exclusion authority and requiring...more

SEC Affirms Sanctions on Stanford’s CCO

The SEC recently affirmed its ALJ’s ruling barring Alan Stanford’s former CCO from the industry and ordering monetary penalties of $260,000 together with $591,992 in disgorgement. The Commission held the CCO approved false...more

"New HHS OIG Criteria to Guide Resolution of Health Care Investigations"

The Office of Inspector General of the Department of Health and Human Services (OIG) has issued updated guidance on the use of its so-called permissive exclusion authority under Section 1128(b)(7) of the Social Security Act...more

Interesting FCC Enforcement Actions — February 2016 Edition

It’s no secret that one of the major stories in the last two years has been the increased activism of the Federal Communications Commission’s (“FCC”) Enforcement Bureau (“Bureau”). February 2016 was no exception in terms of...more

SEC Settles Charges with Private Equity Firm and Four Executives for Failure to Disclose Conflicts of Interest

The SEC recently reached a settlement with New York-based private equity firm, Fenway Partners, LLC, and four executives related to charges that Fenway Partners and several of its executives (“Respondents”) failed to disclose...more

Will the “Yates Memo” Impact Maryland State Prosecutions?

“SEC. 3. (a) The Attorney General shall: (1) Prosecute and defend on the part of the State all cases pending in the Appellate Courts of the State, in the Supreme Court of the United States or the inferior Federal Courts,...more

Upper Tribunal Finds That Individual Lacked Integrity Due To Recklessness

In this case report, we consider the decision of the Upper Tribunal (Tax and Chancery Chamber) in Ghanshyam Batra v Financial Conduct Authority [2014] UKUT 214 (TCC), in which the Upper Tribunal upheld the FCA's decision to...more

SEC Issues Settled Enforcement Action Against Investment Adviser, its President and Senior Officers for Compliance Program...

The U.S. Securities and Exchange Commission (SEC or Commission) issued a cease and desist order (Order) on June 23, 2015, against Pekin Singer Strauss Asset Management Inc. (Adviser), an investment adviser registered under...more

SEC Files It's First Robocop Cherry Picking Action

When the SEC announced it financial fraud task force and a related data initiative to facilitate the identification of situations where the company “cooked the books,” many dubbed the data program “Robocop.” While the SEC may...more

Vivek Ranadivé and Wisconsin IA Both Big into Cherrypicking, According to Sources

Here’s a thing I think I know about billionaires: They’ve made piles and piles of money doing something someone somewhere surely advised them not to do because it was a dumb idea. Then later, actually dumb ideas come along...more

SEC’s Data-Driven Analysis Identifies Allegedly Improper Trade Allocations by Investment Advisor

Relying on a data-driven statistical analysis conducted by the Division of Economic and Risk Analysis (DERA), the SEC recently commenced administrative proceedings against an investment advisor, Welhouse & Associates, Inc.,...more

SEC Commissioner Gallagher: Guidance is Needed For IA CCOs

SEC Commissioner Daniel Gallagher published a statement explaining his dissent in two recent enforcement actions in which the Chief Compliance Officer of an investment adviser was charged, noting that the trend in such...more

CorpCast Episode 7: Better Know a Judge: the Honorable Mary M. Johnston of the Delaware Superior Court [Video]

In our second installment of “Better Know a Judge,” we welcome the Honorable Mary M. Johnston of the Delaware Superior Court in New Castle County. Judge Johnston, who is a member of the Superior Court’s Complex Commercial...more

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