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Prosecuting Individuals for Financial Crimes - Some Questionable Recent Ideas

The government must be very sensitive about all the criticism it has been getting, from Congress, some judges and others, for not prosecuting more individuals for financial crimes. Perhaps in response, senior government...more

Operation Fashion Police Fights Money Laundering in L.A.'s Fashion District

On September 10, approximately 1,000 federal agents raided Los Angeles' fashion district, seizing documents, electronic data and approximately $90 million in cash, with nine people arrested for alleged money laundering...more

Is a Vice President an Officer Entitled to Indemnification or Advancement?

This question didn’t seem to be that complicated at first blush. Now it is. The Third Circuit’s recent ruling that a former Vice President of Goldman Sachs is not necessarily an officer entitled to indemnification/advancement...more

The Financial Report - Volume 3, No. 21 • November 2014 (Global)

Criminal securities fraud charges filed against Bitcoin operator. US federal prosecutors filed the first criminal securities fraud charges involving a virtual currency. Trendon Shavers, who founded Bitcoin Savings and...more

Recent Key Bitcoin and Virtual Currency Regulatory and Law Enforcement Developments

In recent months, US federal and state regulators have continued to focus on Bitcoin and the adoption of a regulatory framework for it and other "virtual currencies," as well as the enforcement of existing securities laws to...more

This Week In Securities Litigation

Supreme Court Justices Scalia and Thomas indicated that the High Court may at some point consider a question regarding the application of insider trading law in criminal cases and the deference due, if any, to the...more

Banks Settle with U.K. Regulatory Authority Over Forex Manipulation

Today it was announced that six banks settled with the U.K. Financial Conduct Authority and other regulators for a combined total of approximately $4.3 billion for their roles in the manipulation of the $5.3 trillion-a-day...more

Money Laundering in the News: Los Angeles Fashion District Raid Puts Trade-Based Money Laundering and Black Market Peso Exchange...

On September 10, 2014, federal and local law enforcement officials raided the Los Angeles Fashion District in an effort to combat alleged money laundering for Mexican drug cartels which was occurring within the District. The...more

Supreme Court Declines to Review 3rd Circuit Ruling; Crime-Fraud Exception to Attorney-Client Privilege Decision Persists

On November 10, 2014, the Supreme Court (No. 14-389) declined to review the 3rd Circuit decision (No. 13-1237), In Re: Grand Jury Subpoena, leaving intact the 3rd Circuit’s ruling on the proper bounds of the crime-fraud...more

Prevent Financial Misconduct Before it Begins: Five Steps to Building an Effective Business Conduct Programme in the U.K.

In the third of three posts on the future enforcement of U.K. financial crimes, we explore how to prevent misconduct before it begins by implementing an effective business conduct programme... Each of the four trends...more

Deferred Prosecution Agreements Authorised & “Whistleblower” Bounties Rejected: Clues to Future Enforcement of U.K. Financial...

In the second of three posts on the future enforcement of U.K. financial crimes, we explore the implications of enforcement actions related to financial crime in the U.K. To see all four clues and a roadmap for implementing...more

Jail Time & Multi-National Cooperation in Investigations: Clues to Future Enforcement of U.K. Financial Crimes

In the first of three posts on the future enforcement of U.K. financial crimes, we explore the implications of enforcement actions in the U.K. To see all four clues and a roadmap for implementing an effective business conduct...more

Exchange – International Newsletter: Issue 24 – October 2014

WELCOME - DLA Piper’s Financial Services International Regulatory team welcomes you to the twenty-fourth edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory...more

The SEC’s Carter’s, Inc. Investigation Yields Another Insider Trading Case

Carter’s, Inc. is the investigation that just keeps on generating cases. The investigation has yielded seven SEC actions charging insider trading and financial fraud. Hedge fund manager Stephen Slawson became the eight person...more

Should The SEC Ask What Would Blackstone Do?

The Securities and Exchange Commission recently trumpeted its enforcement successes for its 2014 fiscal year. For an agency dedicated to full disclosure, there were some notable omissions, including...more

Rengan Rajaratnam Settlement Exposes Weak Point in SEC’s Newish Admissions Policy

You remember Rengan Rajaratnam, right? He broke the S.D.N.Y.’s long streak of insider trading victories when a jury acquitted him in July. I wondered what the effect on his case with the SEC would be. Would he settle? ...more

6 Guidelines for Fostering a Culture of AML Compliance

The Financial Crimes Enforcement Network (FinCEN) is hoping to help financial institutions increase compliance with the Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations. Noting that violations often stem...more

Investment Adviser Pleads Guilty to Wire Fraud Charge

Investment adviser Ismail Elmas pleaded guilty this week to an information charging one count of wire fraud. U.S. v. Elmas, No. 1:14-cr-00358 (E.D. Va.). This action is the latest is a series cases centered on investment...more

Spoofing Back in the News — First Criminal Indictment for Spoofing; CFTC Settlement Lays Out Telltale Signs of Spoofing

Last week the government handed down its first criminal indictment for allegedly engaging in “spoofing” and the Commodity Futures Trading Commission settled with Eric Moncada for spoofing. Spoofing is a form of trading in...more

Financial Crimes Enforcement Network Issues GTO

Following the September 10, 2014 historic seizure of $100 million in cash from the execution of approximately 70 business search warrants in the Los Angeles Fashion District, the Financial Crimes Enforcement Network (FinCEN)...more

New UK Sentencing Guidelines - What Does This Mean For Corporates?

The Sentencing Council’s Definitive Guidance for Fraud, Bribery and Money Laundering Offences (the “UK Guidelines”) came into force on 1 October 2014. The UK Guidelines set out a ten step process for sentencing and apply to...more

The Justice Department and Individual Criminal Prosecutions

Recently, Attorney General Holder and DAAG Marshall Miller from the Criminal Division delivered important speeches on the Justice Department’s initiative to increase individual criminal prosecutions....more

Usury in Florida: Penalties

There are two “tiers” of penalties for violation of the Florida usury statutes, one civil and the other criminal, and both are severe. Civil penalties usually involve forfeiture of the entire interest charged (or contracted...more

FinCEN Issues Geographic Targeting Order Focused on Money Laundering in L.A.’s Fashion District

In the latest development in a probe by U.S. Immigration and Customs Enforcement’s (ICE) Homeland Security Investigations (HSI) targeting alleged money laundering activities in Los Angeles’ garment trade, the Financial Crimes...more

Upcoming Supreme Court Securities Cases

As the Supreme Court begins its 2014-15 term this month, it will be considering a number of securities cases, including the Omnicare case, which is scheduled for oral argument on November 3rd, and three other cases in which...more

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