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SEC-USAO Bring Insider Trading Case That is “Newman-Proof”

When anyone discusses insider trading these days Newman invariably becomes a key topic. Prosecutors decry the decision and its tipping standard. Little doubt why. It has been offered as a defense in innumerable cases. A...more

LIBOR acquittals: Keep calm and carry on

Here’s some information that may shock certain sections of the media: Not everyone charged with a crime will be, or should be, found guilty. Even people with a case to answer on paper can still, quite properly, be acquitted....more

CFTC Alert: 2015 CFTC Year-in-Review, and a Look Forward

CFTC continues to bring high-profile, large-penalty enforcement cases; begins bringing cases to enforce Dodd-Frank Act implementing regulations; and embarks on post-Dodd-Frank Act regulatory initiatives. Please see...more

This Week In Securities Litigation

The Newman personal benefit test in insider trading tipping cases is front and center this week as the Supreme Court agreed to consider the issue. The Court passed on the opportunity to consider the question when first...more

U.S. and China Sign Financial Intelligence Cooperation Memorandum

The U.S. Financial Crimes Enforcement Network (FinCEN) and the China Anti-Money Laundering Monitoring and Analysis Center (CAMLMAC) recently signed a Memorandum of Understanding (MOU) to create a “framework to facilitate...more

Spoofing Is No Joke: Prosecutors Clamp Down on High-Frequency Traders

On November 3, 2015, an Illinois federal jury convicted Michael Coscia, a high-frequency commodities trader, of six counts of commodities fraud and six counts of spoofing—entering a buy or sell order with the intent to cancel...more

Regulatory Enforcement in the UK - A Retrospective on 2015. Can the Fines Get Any Bigger?

When the UK Financial Services Authority became the Financial Conduct Authority (“FCA”) in April 2013, we were told that this would herald a tougher and more intrusive style of regulation. The FCA’s enforcement record in the...more

Former Executive Sentenced for Conspiracy to Bribe Panamanian Government Officials

On December 16, the U.S. District Court for the Northern District of California sentenced a former regional director of a Pennsylvania-based software and technology company for his involvement in a conspiracy to bribe...more

This Week In Securities Litigation

The Commission closed out the week before the holidays with a joint press conference with the Manhattan U.S. Attorney. The U.S. Attorney and the Director of Enforcement announced actions against former hedge fund manager and...more

Your daily dose of financial news The Brief – 12.18.15

As expected based on earlier rumors, Avon has struck a deal with Cerberus Capital Management to split off its North American business. Cerberus will acquire an 80.1% stake in Avon North America and also kick in a $435 million...more

FinCrimes Update - November 2015 Summary, Volume 2, Issue 9

FINCEN DIRECTOR HIGHLIGHTS THE SIGNIFICANCE OF SAR FILINGS - On December 9, FinCEN Director Calvery highlighted at a joint FBIIC-FSSCC meeting the role of FinCEN in gathering and analyzing financial intelligence and the...more

Takeaways From UK's 1st Deferred Prosecution Agreement

In a judgment published on Nov. 30, Lord Justice Brian Leveson approved the first deferred prosecution agreement in the U.K., which was negotiated between the Serious Fraud Office and ICBC Standard Bank PLC. Lord Justice...more

Crowdfunding – Old-Fashioned Potato Salad or New-Fangled Money Laundering Tool?

Have you ever been depressed when a Kickstarter project to make potato salad proceeded to rake in more than your annual salary? Felt a sense of despair as an Indiegogo campaign to develop an X-rated card game went on to...more

Second Circuit Reverses Conviction in Bond Market Misrepresentation Case, but Endorses Government Theory of Materiality

On December 8, 2015, the United States Court of Appeals for the Second Circuit reversed the conviction of Jesse C. Litvak, a securities broker and trader at Jefferies & Company. Litvak had been convicted of various counts of...more

Serious Fraud Office Reaches an Agreement with Standard Bank

The first deferred prosecution agreement in the UK was finalised between the Serious Fraud Office and Standard Bank, potentially paving the way for future similar agreements....more

Financial Regulatory Developments Focus - December 2015

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

FCPA Compliance and Ethics Report-Episode 217-Jonathan Armstrong and Andre Bywater on the First DPA Under the UK Bribery Act [Video]

In this episode I visit with Jonathan Armstrong and Andre Bywater on the initial deferred prosecution agreement granted under the UK Bribery Act. ...more

FCA confirms ban on convicted fraudster

FCA has confirmed its ban on Philip Boakes following the Court of Appeal’s upholding a conviction for using a forged instrument, fraudulent trading and accepting deposits without authorisation. FCA had originally brought the...more

High Court Reaffirms the Broad Scope of Legal Advice Privilege

In a High Court ruling on 5 November 2015, Mr. Justice Snowden helpfully reaffirmed the established precedent that legal advice privilege is not confined to telling the client the law: it may also attach to factual updates...more

New UK Regime to Strengthen Senior Management Accountability

On 7 March 2016, two new regulatory regimes governing the accountability of senior managers will take effect—the Senior Managers and Certification Regime will cover the banking sector, and the Senior Insurance Managers Regime...more

Top Ten International Anti-Corruption Developments for October 2015

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 in the past month with links to primary...more

First Guilty Verdict for Dodd-Frank “Spoofing” Violations

Coscia, the founder of Panther Energy, LLC, allegedly created two computer algorithms that posted orders to the Chicago Mercantile Exchange and ICE Futures Europe with the goal of canceling them before they could be executed....more

Bridging the Week - November 2015 #2

Jury Convicts Michael Coscia of Commodities Fraud and Spoofing: After a seven-day trial in Chicago, Michael Coscia was convicted last week of six counts of commodities fraud and six counts of spoofing in connection with...more

Prosecutors Record First-Ever Conviction for ‘Spoofing’: A New Era of Trading Enforcement

Asset managers and other traders should expect aggressive anti-spoofing enforcement and consider reviewing their trading practices in light of this most recent development. On November 3, 2015, a federal jury in...more

FinCEN Proposes Anti-Money Laundering and Suspicious Reporting Rules for Registered Investment Advisers

On August 25, 2015, the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) proposed rules that would require registered investment advisers to adopt anti-money laundering (AML) programs and report...more

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