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Court Finds Promissory Notes Are Not Securities

Yesterday’s post concerned the Court of Appeal’s decision in People v. Black, 2017 Cal. App. LEXIS 130 (Cal. App. 6th Dist. Feb. 16, 2017). The case involved the criminal prosecution of an individual for making false...more

Individual Defense in the Shadow of Corporate Guilty Pleas

Recent corporate guilty pleas can be expected to have serious implications for the individual executives and employees alleged to have been involved in the conduct under scrutiny. But there are other factors at play in such...more

"Key Takeaways: Corporate Governance Series — Key SEC Financial Reporting, Accounting and Enforcement Matters"

On February 2, 2017, Skadden hosted a webinar titled “Key SEC Financial Reporting, Accounting and Enforcement Matters,” the third installment of our four-part Corporate Governance Series focused on trends in corporate...more

SEC Wins Freeze of $29 Million in Alleged Insider Trading Profits

Insider trading is a key enforcement priority as well as a controversial topic. The U.S. Attorney’s Office in Manhattan and the SEC have brought a series of highly successful and high profile insider trading cases....more

FCPA: 2016 in Review Webinar

Enforcement of the Foreign Corrupt Practices Act (FCPA) remained a high priority for the Department of Justice and the Securities and Exchange Commission in 2016, resulting in more than 50 combined enforcement actions, record...more

Global Anti-Bribery Year-in-Review: 2016 Developments and Predictions for 2017

The past year was consequential for FCPA enforcement in numerous respects, including blockbuster penalties, new policy initiatives, and the SEC’s first DPA with an individual for FCPA violations. In April 2016, the DOJ’s...more

"CFTC’s Enforcement Division Issues New Advisories on Cooperation"

On January 19, 2017, the U.S. Commodity Futures Trading Commission’s Division of Enforcement issued two new enforcement advisories outlining the factors the division will consider in evaluating cooperation in the agency’s...more

Jury Fails To Convict JPMorgan Analyst of Insider Trading

Prosecutors, and perhaps the SEC, received a set back last in their war on insider trading as former J.P. Morgan Securities LLC analyst Ashish Aggarwal was found not guilty on 26 counts based on an insider trading scheme. The...more

Top Ten International Anti-Corruption Developments for December 2016

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important international anti-corruption developments from the past month, with links to primary...more

This Month in Corruption: the Same Old Saga Continues

As a faithful reader of the State House News Service, I have been noticing for years how often the Press Releases section of the service’s subscriber-only web site contains an account of wrongdoing and/or unsavory behavior in...more

DOJ and SEC Close Out 2016 with a $520 Million FCPA Settlement

The Securities and Exchange Commission (SEC) and Department of Justice (DOJ) wrapped up 2016 on December 22 with a near record-breaking Foreign Corrupt Practices Act (FCPA) settlement involving Teva Pharmaceuticals and its...more

Two Convicted of Insider Dealing in the UK Sentenced

The Financial Conduct Authority announced that Mr. Manjeet Mohal and Mr. Reshim Birk were sentenced having pleaded guilty to charges of insider dealing. Mr. Mohal was sentenced to ten months imprisonment suspended for two...more

HSR Act Violations Continue Trend of Heightened Enforcement, Increased Fines in 2016

The past year was a challenging one for investors purchasing voting securities in public corporations with respect to compliance with the Hart-Scott-Rodino Antitrust Improvements Act....more

Former Equity Portfolio Manager Jailed by UK Court for 12 Months for Insider Dealing

Mark Lyttleton, formerly an Equity Portfolio Manager at BlackRock Investment Management (UK) Limited, was sentenced to 12 months jail (reduced from 18 months) on two counts of insider dealing. Mr. Lyttleton was an Investment...more

Business Litigation Alert: "U.S. Supreme Court Upholds Broader Reach of Insider Trading Laws – What Does this Mean for...

In December 2016, the U. S. Supreme Court announced its decision in the closely watched insider trading case Salman v. US, ruling that if someone leaks confidential information to a friend or family member with the goal of...more

Insider Trading Law After Salman v. United States

In Salman v. United States, decided on December 6, 2016, the Supreme Court upheld a conviction for criminal violations of insider trading laws. The Court, however, declined to adopt the expansive theories of insider trading...more

Shearman & Sterling’s Recent Trends and Patterns in the Enforcement of the Foreign Corrupt Practices Act (FCPA)/FCPA Digest -...

Shearman & Sterling’s bi-annual Trends & Patterns in FCPA Enforcement report provides insightful analysis of recent enforcement trends and patterns in the US, the UK and elsewhere, as well as helpful guidance on emerging best...more

The Insider Trading Cartoon Series, Vol. XII -- The Innocent Intermediary [Video]

Join us as our heroine Jane gives away a little too much information to her husband Bob, who then seeks legal advice about what he's heard. Bob's lawyer Nikhil gives good advice by telling him to keep a lid on it, but then...more

$519 million FCPA Payment by Teva Pharmaceuticals—Largest Ever FCPA Payment by Pharmaceutical Company—Follows Large FCPA Plea...

On December 22, 2016, the world’s largest manufacturer of generic pharmaceuticals, Teva Pharmaceuticals (“Teva”), agreed to pay $519 million in FCPA-related criminal penalties, disgorgement, and interest. The Israeli company...more

Guilty Pleas to Insider Dealing Charges Brought by the UK Financial Conduct Authority

The Financial Conduct Authority announced that Manjeet Mohal and Reshim Birk had pleaded guilty to three counts of insider dealing at their trial at the Central Criminal Court. Mr. Mohal pleaded guilty to two counts of...more

DOJ, SEC, Foreign Authorities Settle FCPA Claims with Brazilian Firms For $3.5 Billion

Braskem S.A., a Sao Paulo based producer of petrochemicals and thermoplastic product whose ADRs are traded on the NYSE, and its controlling shareholder, Odebrecht S.A., a privately held Brazilian international construction...more

Salman v. U.S.: More Questions than Answers?

The United States Supreme Court recently rendered a decision in Salman1 resolving a circuit split over whether the government prosecuting an insider trading case must show that the person giving an insider tip received...more

Bridging the Week - December 2016 #3

Broker-Dealer Settles SEC and NYS Charges Regarding Disclosures of Dark Pool Order Routing Arrangements: Deutsche Bank Securities Inc. settled charges brought by both the Securities and Exchange Commission and the New York...more

First Supreme Court Insider Trading Decision in Almost Two Decades Resolves Split Between Circuits

Last week, the United States Supreme Court issued its first decision in an insider trading case in nearly two decades to resolve a split between the Second and Ninth Circuit Courts of Appeal. In its unanimous decision in...more

U.S. Supreme Court Affirms Broader View of “Personal Benefits” That Can Trigger Insider-Trading Liability

To be liable for insider trading in violation of the federal securities laws, the insider “tipper” who discloses the inside information must personally benefit, directly or indirectly, from his disclosure to a “tippee” who...more

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