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Government Dismisses All Charges In Benjamin Wey Securities Fraud Case After U.S. District Judge Suppresses All Evidence Obtained...

by Shearman & Sterling LLP on

On August 8, 2017, the Government moved to dismiss all charges against Benjamin Wey, the CEO of New York Global Group charged with securities fraud, wire fraud, conspiracy, and money laundering. United States District Court...more

Bridging the Week - August 2017 #2

Trader’s Spoofing Conviction and Sentence Upheld by Federal Appeals Court: Last week, a three-judge Federal Court of Appeals panel in Chicago unanimously upheld Michael Coscia’s criminal conviction and sentencing for...more

Seventh Circuit Upholds First Spoofing Conviction Against High-Frequency Trader

by Shearman & Sterling LLP on

On August 7, 2017, the Seventh Circuit upheld the conviction of Michael Coscia, founder of Panther Energy Trading LLC, for a market manipulation tactic known as “spoofing,” under Section 6c(a)(5)(C) and 13(a)(2) of the...more

Blockchain's Steady March to Legitimacy

by White & Case LLP on

Four separate events during the second half of July signal that virtual currency and blockchain are steadily becoming part of mainstream financial services. The interconnected histories of Bitcoin (the most common virtual...more

Seventh Circuit Upholds First-Ever “Spoofing” Conviction

On August 8, 2017, a three-judge panel of the US Court of Appeals for the Seventh Circuit unanimously upheld the first-ever criminal conviction of a New Jersey futures trader for the manipulative trading practice known as...more

Texts and Message Apps Are Changing Internal Investigations

It almost goes without saying that these days not all pertinent business-related communications can be found on corporate email servers. As we have increasingly seen in recent internal investigations, some of the most...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

Four criminal securities cases moved to or toward resolution over the past week. The jury in the Martin Shkreli trial returned a verdict of guilty on three counts and not guilty on five others at the end of last week....more

Everything Compliance-Episode 16, review of the book The Chickenshit Club

by Thomas Fox on

In this episode, the Everything Compliance trio of Matt Kelly, Jay Rosen and Tom Fox unpack our first book review. We consider the recently released The Chickenshit Club by Jesse Eisinger and it may mean for the compliance...more

Trading in Opaque Markets: Fraud, Materiality and Compliance

by Dorsey & Whitney LLP on

This is the first segment of an occasional series regarding a group of criminal and civil securities fraud actions involving trading in opaque markets and the lessons that can be drawn the prosecutions Introduction -...more

DOJ Antitrust Corporate Dispositions May Protect Some Culpable Employees

by Jones Day on

Most companies under criminal investigation by the Antitrust Division, U.S. Department of Justice ("DOJ") eventually resolve their liability with the government short of going to trial, either by entering into a corporate...more

Between Bridges: Federal Appeals Court Upholds Conviction and Sentencing of First Person Criminally Charged for Spoofing Under...

Yesterday, Michael Coscia’s criminal conviction and sentencing for spoofing was unanimously upheld by a three-judge Federal Court of Appeals panel in Chicago, Illinois....more

Personal Jurisdiction: A New Battlefront in Corporate Criminal Cases

by Jones Day on

The U.S. Supreme Court in recent years has been steadfast in cabining the authority of state courts to assert personal jurisdiction over corporate defendants in civil cases. In 2017, the Court has continued this trend on...more

Former Hedge Fund Manager Gets Split Jury Verdict

by Dorsey & Whitney LLP on

Former hedge fund manager and pharmaceutical executive Martin Shkreli was acquitted on five counts and convicted on three others under an indictment centered on conspiracy and securities fraud charges tied to three firms....more

Yates Memo's Influence Felt in DOJ Health Care Enforcement

by Jones Day on

In September 2015, Deputy Attorney General Sally Yates issued a memorandum titled "Individual Accountability for Corporate Wrongdoing." In it, she stressed that one of the most effective ways to combat corporate misconduct is...more

Dorsey Anti-Corruption Digest - August 2017

by Dorsey & Whitney LLP on

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

This Week In Securities Litigation

by Dorsey & Whitney LLP on

In one of the few FCPA cases tried to verdict before a jury, NG Lap Seng, Chairman of Sun Kan lp Group was convicted. The case centered on bribing two UN ambassadors in connection with the Macau Conference Center project....more

Workplace Ethics & Culture: What the Uber Board Report Means for Compliance Officers

by Thomas Fox on

A compliance perspective on one of the most unique corporate documents you will ever see....more

DOJ And SEC File Parallel Criminal And Civil Insider Trading Charges Against Scientist Who Conducted Internet Searches On How To...

by Shearman & Sterling LLP on

On July 12, 2017, both the Department of Justice (“DOJ”) and Securities and Exchange Commission (”SEC”) filed insider trading charges against a research scientist who allegedly traded upon confidential information obtained...more

Bridging the Week - July 2017 #3

LedgerX Approved by CFTC as First Derivatives Clearing Organization for Fully Collateralized Swap Contracts Potentially Settling in Bitcoin: On July 24, LedgerX was approved by the Commodity Futures Trading Commission as a...more

Company Director Becomes First Ever Convicted Under Hong Kong Privacy Law For Failing To Respond To Investigation Summons

by King & Spalding on

The director of a Hong Kong employment agency was convicted of a criminal offense arising under Hong Kong’s Personal Data (Privacy) Ordinance (“PDPO”) on June 30, 2017. The director pleaded guilty before the Kowloon City...more

Self-Incrimination and Settlement Agreements

by Bennett Jones LLP on

Misconduct in the securities industry can give rise to both criminal and regulatory liability. One problem that arises from this overlap is the potential for state-compelled self-incrimination. In the criminal context, an...more

New DOJ Policy Likely To Result In Increase In Forfeitures

by Jackson Lewis P.C. on

Attorney General Jeff Sessions has announced a new Department of Justice policy regarding the federal adoption of assets seized by state or local law enforcement under state law. The new policy, issued on July 19, 2017, is...more

Singapore Legal Update - July 2017

by Allen & Overy LLP on

Issues of Corporate Governance and Due Diligence Raised in SingPost's Review of Its Acquisition of TradeGlobal - SingPost issued an update on its review of its acquisition of TradeGlobal Holdings Inc. The report...more

White Collar Watch (July 2017 • Vol 1, Issue 2)

by Blank Rome LLP on

Welcome to the summer edition of Blank Rome’s White Collar Watch. In a world that seems to bring new challenges daily—such as the global cybersecurity attacks that were launched in late June—this newsletter is designed to...more

The FinTech Revolution: Enforcement Actions Brought against FinTech Companies and Their Implications

by Blank Rome LLP on

This is the second installment in a series of articles. For an understanding of FinTech products and services and how they are disrupting the financial services industry. As law enforcement authorities and government...more

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