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This Week In Securities Litigation

The Commission prevailed in three litigated decisions. The agency secured a favorable jury verdict in an action centered on an offering fraud. In two other cases — one based on misrepresentations regarding the only company...more

Corporate State of Mind in Securities Cases: The Sixth Circuit Blazes a New Trail

Analysis of the corporate mens rea is, by definition, contrived and one with which federal courts have struggled. Unlike instances where an individual is charged with securities fraud, determining the “thinking” or...more

Hospital’s Extortion & Fraud Too Quick to Violate RICO

Danielle Bennion and her co-plaintiffs filed a RICO (Racketeer Influenced & Corrupt Practices Act) action alleging that Mountain View Hospital and co-defendants engaged in a plan of extortion and wire fraud for the purpose of...more

SEC Comment Letters–A New Twist on Insider Trading?

A few days ago the New York Times reported a recent study by three professors at the Haas School of Business at the University of California at Berkley that notes increased insider sales just prior to the EDGAR filing of...more

Executive Sentenced to 8 Years over Kickbacks Highlights Internal Fraud Threats

Compensation of at least $14 million apparently wasn't enough for the former executive of a national specialty retailer recently sentenced to eight years in prison. Instead, he garnered an additional $25 million in kickbacks...more

How Did The NFL Get This So Wrong? [Video]

Sept. 23, 2014 (Mimesis Law) -- Patrick Tully, former crisis management professional, talks with Steve Olenick and Lee Pacchia about the current rash of public relations miscues by NFL management. ...more

Anti-counterfeiting: securing borders

How customs can help you in your battle against fake goods - Smuggling is a common theme in popular literature and films, inspiring clandestine plots and romantic nostalgia. In reality, smuggling fake goods takes a...more

This Week In Securities Litigation

The Commission prevailed on summary judgment in an action against a broker which alleged he misappropriated client funds. The agency also filed actions centered on: an audit failure; the EB-5 immigration program; undisclosed...more

This Week In Securities Litigation

The Second Circuit upheld SEC Rule 10b-5-2 which defines certain types of relationships as the predicate for insider trading. In reaching its conclusion the Court rejected an argument that an insider trading claim must be...more

This Week In Securities Litigation (Week ending August 15, 2014)

The Commission prevailed in two litigated actions. In one the agency secured a favorable jury verdict in an action centered on misrepresentations made by an investment adviser who sought to move his book of business to a new...more

SEC Can’t Pass On Pot Stock Puffery

Corporations facing federal securities suits can sometimes avoid liability by claiming that their forward-looking statements were so vague or indefinite that they could not have affected the company’s stock price and are...more

Tax Litigation Update: Supreme Court Limits Taxpayers’ Ability to Fight IRS Summons

As we previously reported, on April 23, 2014, the United States Supreme Court heard oral argument in United States v. Clarke, a case which involved the extent to which a taxpayer may investigate the underlying reasons or...more

Microcap Fraud: An FBI Controlled Shell Company

Five men came together to plan the manipulation of an over-the-counter traded shell. What they did not know was that the shell was controlled by the FBI. SEC v. Affa, Civil Action No. 1:14-cv-12959 (D. Mass. Filed July 11,...more

This Week In Securities Litigation (Week ending July 11, 2014)

The unblemished record of the Manhattan U.S. Attorney’s Office in insider trading cases came to an end this week with the acquittal of Rengan Rajaratnam, brother of the convicted Galleon Fund founder. This is the first loss...more

Blecker: GM Recalls Show Need for Harsher Penalties for "Red Collar" Criminals [Video]

July 1, 2014 (Mimesis Law) -- Robert Blecker, professor of law at New York Law School, talks with Lee Pacchia about the recently released internal investigation into the failure to report a problem with ignition switches on...more

The Benefits of Cooperation

Enforcement officials frequently emphasize the benefits of cooperation. The cases involving former Credit Suisse Managing Director David Higgs illustrate the point. U. S. v. Higgs, 1:12-cr-00088 (S.D.N.Y. Plea February 1,...more

FTC Settles Claims Against Credit Repair Company

The Federal Trade Commission recently announced that it has entered into a settlement with one of the nation’s largest credit repair companies and its owners for alleged violations of the Credit Repair Organizations Act...more

Notes From The 2114 Securities Law Conference

Courtesy of Professor Emmett Brown, I recently attended the 2114 Securities Law Conference and I must say that I was heartened by what I heard there and then. Here are some of my notes from the conference...more

This Week In Securities Litigation (Week ending June 20, 2014)

High speed trading and conflict of interest in the market place were the topics of the week. Two Senate committees held hearings on the issues which were the focus of the Michael Lewis book Flash Boys and its claim that the...more

Criminal Exposure for Securities Fraud Expanded in the Fourth Circuit, Rejecting Janus for Criminal Matters

Last month, in Prousalis v. Moore (May 7, 2014), a criminal securities fraud case, the Fourth Circuit held that the Supreme Court’s interpretation of Rule 10b-5(b) in Janus Capital Group, Inc. v. First Derivative Traders...more

Eleventh Circuit Upholds Convictions in “Pump-and-Dump” Stock Fraud Scheme

The US Court of Appeals for the Eleventh Circuit recently upheld convictions for defendants who engaged in an illegal pump-and-dump stock manipulation scheme. Defendants, who participated with seven others in a conspiracy to...more

Whistleblower’s one-two punch: Confidential informant/employee spurs criminal investigation, then successfully sues individual...

Schuylkill Products case highlights how a whistleblower can put an employer on track to face both criminal and civil proceedings under the False Claims Act....more

This Week In Securities Litigation (Week ending May 23, 2014)

SEC Chair Mary Jo White indicated in comments this week that the agency plans to make greater use of Exchange Section 20(b) in the future. That section generally provides for imposing liability on those who cause another to...more

Fourth Circuit Declines to Extend Janus to Criminal Cases

A three-judge panel of the US Court of Appeals for the Fourth Circuit recently affirmed the dismissal of a lawyer’s habeas petition, finding that Janus Capital Group Inc. v. First Derivative Traders, a US Supreme Court case...more

United States v. China: The Battle over Cyber-Espionage Results in Criminal Charges

For those of us who have been active in cybersecurity, it is a well known fact that the Chinese government, acting through its military, has been the most prolific global perpetrators of cyber-espionage. Over the past several...more

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