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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

Are High Frequency Traders Playing Fast and Loose With the Rules?

When high frequency trading (HFT) first crept into the public consciousness, it related to primarily to the question of whether rapid, computer driven trading posed risks to the safety and stability of the trading markets. ...more

Bitcoin: Regulators and States Out Ahead—Will Congress Follow?

Bitcoin, a decentralized digital currency that facilitates quick exchanges of value, has received steady attention from the media and industry stakeholders. Akin to gold, bitcoins are mined using computers to solve...more

S.D.N.Y. Prosecutors Get Martoma, but Probably No Closer to Steve Cohen

Lst Thursday, a jury in the Southern District of New York convicted Mathew Martoma in what is in dollar terms the largest insider trading case in captivity. As we’ve discussed before, Martoma had been accused of paying a...more

What Hath GSK Wrought? More Compliance Lessons From China

In an article, entitled “GSK China probe flags up wider worries”, in the Wednesday edition of the Financial Times (FT) reporters Andrew Jack and Patti Waldmeir discussed the ongoing bribery and corruption scandal involving...more

The Maxwell Technologies Fallout: The Alain Riedo Indictment For FCPA Violations

Today is the 82nd anniversary of the reporting to Alcatraz Prison of one of its most memorable residents; Al Capone. Capone was sent to prison for income tax evasion; in other words, it was a books and records violation,...more

Senate Committee Expands Review Of Virtual Currency Policies

On August 12, Senators Tom Carper (D-DE) and Tom Coburn (R-OK), the leaders of the Senate Committee on Homeland Security and Government Affairs, sent a letter to Secretary of Homeland Security Janet Napolitano regarding...more

Former ArthroCare CEO and CFO Charged with Securities Fraud, Wire Fraud

On July 16, 2013, the U.S. Department of Justice (DOJ) indicted Michael Baker and Michael Gluk, the former CEO and CFO, respectively, of ArthroCare Corp. – a Texas-based publicly traded surgical device company. Baker and...more

Cyber Outlook: Executive Order Implementation, Congressional Action & Regulatory Requirements and Enforcement

With the occurrence of near daily threats against the nation’s critical infrastructure (CI), cybersecurity continues to be a constant concern of owners and operators of CI, Congress and the Obama Administration. Responses to...more

McNulty’s Maxim No. 3 and Response to Allegations of Bribery

In a Wall Street Journal (WSJ) article by Chris Matthews, Joe Palazzolo and Shira Ovide, entitled “U.S. Probes Microsoft Bribery Allegations”, they reported that the Department of Justice (DOJ) and Securities and Exchange...more

Three Important Lessons from the FCPA Guidance for Pharmaceutical and Medical Device Companies

The US Chamber of Commerce “praised” the FCPA Guidance. The Chamber did not get what it wanted but it had to recognize that the FCPA Guidance was helpful for businesses. The FPCA Guidance provides important information for...more

Profit Counting: The Pfizer FCPA Settlement

On August 8, 2012, the U.S. Department of Justice (“DOJ”) and the U.S. Securities and Exchange Commission (“SEC”) announced agreements with the drug manufacturer Pfizer Inc. to settle allegations that a Pfizer subsidiary had...more

The FCPA in 2011: Five Answers and a Looming Question

The Department of Justice has been warning the Life Sciences industries - pharmaceutical and medical device companies - of its intent to focus "on the application of the Foreign Corrupt Practices Act"...more

Ifrah Law’s Blog Wrap-up, February 19 – March 8

This is the third of a regular series of posts that summarize and wrap up our latest thoughts that have appeared recently on Ifrah Law’s blogs. 1. Will the Internet Taint a Loughner Verdict? Is it impossible for accused...more

EU Suspends Carbon Trading After Almost $38 Million Stolen

The most recent theft of almost US$38 million in EU Emission Trading System carbon credits may shift political support in favor of centralization and abolition of national registries. On January 20, 2011, the European...more

Insider Trading Case Highlights Government Focus on Hedge Fund Activities

A recent insider trading case against a doctor who was involved in clinical trials of a drug to treat hepatitis and allegedly tipped material, non-public information relating to those trials to a hedge fund manager, is...more

“Expert Networks” Under Investigation: Insider Trading Probe Into The Use of Consultants May “Ensnare” Hedge Funds, Mutual Funds,...

The Wall Street Journal reported on November 20 that a far-ranging insider trading probe into the use of outside expert consultants has the potential to “ensnare consultants, investment bankers, hedge-fund and mutual-fund...more

The SEC’s Insider Trading Case Against a Clinical Trial Physician: Lessons For Physicians, Investors, and Public Companies

On November 2, 2010, the Securities and Exchange Commission (“SEC”) brought an action for insider trading against a physician involved in an investigational drug clinical trial based on the alleged use of confidential...more

Securities Litigation Alert: The Foreign Corrupt Practices Act: The Next Corporate Scandal?

As the stock option backdating cases wind down, what will be the next corporate scandal to gain widespread notoriety? It is always difficult to predict what alleged misdeeds will be front page news in the coming years, but...more

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