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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

SEC Freezes Hacker’s Assets

Federal oversight related to hacking recently made headlines when a federal court in New Jersey granted the Securities and Exchange Commission’s (SEC’s) motion to freeze assets connected to a hedge fund manager accused of...more

Unprecedented Hacking and Trading Scheme Highlights Key Cybersecurity Lessons

On Aug. 11, 2015, federal prosecutors in the District of New Jersey and the Eastern District of New York unsealed indictments against nine individuals in the U.S. and Ukraine who were allegedly involved in a five-year,...more

Insider Trading Hack was Cinematic in Scope

The U.S. Department of Justice announced indictments in Brooklyn and New Jersey last month of 32 people for fraudulently obtaining inside information and then using that knowledge to make millions in the market, in the...more

Also In the News - Data, Privacy, & Security Practice Report - August 2015

King & Spalding Client Alert On Unprecedented Hacking And Trading Scheme — On August 11, 2015, prosecutors in the District of New Jersey and the Eastern District of New York unsealed indictments against several individuals...more

Unprecedented Hacking and Trading Scheme Highlights Important Cybersecurity Lessons - DOJ and SEC charge hackers and traders after...

On August 11, 2015, federal prosecutors in the District of New Jersey and the Eastern District of New York unsealed indictments against nine individuals in the United States and Ukraine who were allegedly involved in a...more

Former SAP Executive Pleads Guilty to Paying “Necessary” Bribes

On August 12, the DOJ and SEC announced joint enforcement actions against software giant SAP International’s former head of Latin American sales, Vicente Garcia. Garcia pleaded guilty to conspiracy to violate the FCPA and...more

New Twist on Insider Trading

Two federal indictments this week revealed a new approach to an old crime. The indictments returned in New Jersey (United States v. Turchynov et al., Case No. 2:15-CR-390) and the Eastern District of New York (United States...more

SEC, Insider Trading and Cyber Security: An International Hacking—Insider Trading Ring

Cyber security is a key focus for virtually everyone these days. The SEC, for example, has been issuing releases discussing disclosure requirements and offering guidance for a number of years. Prominent issuers have reported...more

Back in a Flash: Sergey “Flash Boy” Aleynikov Returns to Court for New Trial

Sergey Aleynikov’s six-year odyssey through the U.S. judicial systems—both federal and state—continues.  Last week, Aleynikov stepped into a New York State courtroom to defend himself at trial against a pair of criminal...more

Heard at the SIFMA Conference

Recently, partners from K&L Gates’ Government Enforcement, Broker-Dealer and Investment Management practice groups attended the Securities Industry and Financial Markets Association’s (“SIFMA”) Compliance and Legal Society...more

Red Notice Newsletter - March 2015

Welcome to the March 2015 edition of Red Notice, a publication of Akin Gump Strauss Hauer & Feld LLP. This month on the anticorruption front, two individuals receive multi-year sentences for Venezuelan bribery,...more

"United Kingdom: The SFO Focuses on Corporate Fraud and Corruption"

Once the subject of speculation regarding its possible consolidation with other agencies, the Serious Fraud Office (SFO) had an exceedingly busy 2014, with all signs suggesting that it will continue its aggressive enforcement...more

Chicago Court Hands Out Harsh Sentences for Hedge Fund Trade Secret Theft

Following earlier plea agreements, “Ben” Pu (“Pu”) and Sahil “Sonny” Uppal (“Uppal”) were sentenced today for stealing trade secrets related to high-frequency trading platforms from Chicago-based hedge fund Citadel. In what...more

Friends and Family: Keeping Loved Ones Safe from Insider Trading Temptations

The holidays are in full swing, and now is the perfect time for executives to renew their determination to protect family and friends by not sharing work secrets with them, even indirectly or obliquely. Each year,...more

Medical Company Settles FCPA Claims With SEC and DOJ

On November 3, a medical company agreed to pay a total of $55 million to settle DOJ and SEC allegations that the company violated the FCPA in Russia, Thailand, and Vietnam. According to the SEC’s cease-and-desist order,...more

New York Federal Prosecutor Intensifies Scrutiny of Illegal Bitcoin Activity

The U. S. Attorney for the Southern District of New York, Preet Bharara, has issued several recent statements signaling a steady pursuit of criminal conduct related to bitcoin. First, on Thursday, November 6, 2014, Trendon...more

Financial Regulatory Developments Focus - November 2014

In this issue: - Bank Prudential Regulation & Regulatory Capital - Bank Structure - Derivatives - Enforcement - Financial Market Infrastructure - Financial Services -...more

SEC – DOJ Resolve FCPA Charges With Bio-Rad Labs

The SEC and the DOJ resolved FCPA charges with California based life science research and clinical diagnostics company Bio-Rad Laboratories, Inc. The charges stem from bribes paid in Russia, Vietnam and Thailand. The company...more

SEC – USAO Charge Trader In Analyst Insider Trading Case

Earlier this month the SEC brought an insider trading case against Zachary Zwerko, a financial analyst at a pharmaceutical company identified only as Pharma Co. SEC v. Zwerko, Civil Action No. CV 8181 (S.D.N.Y. Filed Oct. 10,...more

Bit Bites: Latest Legal Developments in Digital Currencies

When Is Bitcoin “Money” Versus a “Security”? In motions involving a high-profile criminal prosecution with ties to Silk Road and a Securities and Exchange Commission (SEC) enforcement action, two federal courts have clarified...more

Securities Litigation Alert: GlaxoSmithKline and Five Executives Convicted of Bribery in China

On Friday, September 19, 2014, a Chinese court found pharmaceutical giant GlaxoSmithKline guilty of bribing doctors and hospitals in order to increase sales of the company’s products in China. Among other things, the company...more

FinCrimes Update - July 2014 Summary, Volumn 1, Issue 5

FINCEN PROPOSES CUSTOMER DUE DILIGENCE RULE - On July 30, FinCEN released a proposed rule that would amend BSA regulations to clarify and add customer due diligence (CDD) obligations for banks and other financial...more

Corporate and Financial Weekly Digest - Volume IX, Issue 24

In this issue: - Commissioner Kara M. Stein Calls for More Stringent Net Capital Requirements for Broker Dealers - US Marshals Service Announces Auction of Silk Road Bitcoins - Investment Adviser Accused...more

Red Notice Newsleter

Welcome to the May 2014 edition of Red Notice, a publication of Akin Gump Strauss Hauer & Feld LLP. This month, on the anticorruption front, Avon Products, Inc. (“Avon”) agrees to pay USD $135 million to settle a...more

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