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Between Bridges: Federal Appeals Court Upholds Conviction and Sentencing of First Person Criminally Charged for Spoofing Under...

Yesterday, Michael Coscia’s criminal conviction and sentencing for spoofing was unanimously upheld by a three-judge Federal Court of Appeals panel in Chicago, Illinois....more

Second Circuit Overturns Convictions, Dismisses Indictments In LIBOR Case Due To Taint Of Testimony Compelled By Foreign...

by Shearman & Sterling LLP on

On July 19, 2017, the United States Court of Appeals for the Second Circuit overturned the convictions of Anthony Allen and Anthony Conti, former traders at Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (“Rabobank”)...more

Second Circuit Hands Government a Major Setback in LIBOR Fraud Case

by Bryan Cave on

On July 19, 2017, the United States Court of Appeals for the Second Circuit issued a decision that could impact prosecutions of corporate employees that result from multi-jurisdictional investigations, such as those involving...more

Reflections on Kokesh v. SEC: Potential Ramifications of SEC Disgorgement Being a Penalty

by King & Spalding on

In the week since the Supreme Court’s unanimous decision in Kokesh v. SEC, which rejected the Securities and Exchange Commission’s longstanding position that disgorgement was an equitable remedy not subject to the five-year...more

The Supreme Court - March, 2017 #4

by Dorsey & Whitney LLP on

The Supreme Court of the United States issued a decision in the following case today: Expressions Hair Design v. Schneiderman, No. 15-1391: Five businesses in New York, petitioners here, wanted to pass along the...more

NY Court of Appeals Finds Personal Jurisdiction Based on Use of NY Correspondent Bank Accounts

A sharply divided New York Court of Appeals recently held that defendants who allegedly made intentional and repeated use of New York correspondent bank accounts for money laundering thereby purposefully transacted business...more

New York Court of Appeals Finds 'Repeated, Deliberate Use' of Correspondent Account Sufficient to Establish Personal Jurisdiction...

In a decision that has implications for non-U.S. financial institutions with correspondent accounts in New York, a closely divided New York Court of Appeals held on November 22, 2016, that the “[r]epeated, deliberate use [of...more

Significant Swiss ruling handed down on privilege in anti-money laundering investigations

by White & Case LLP on

In a recent judgment, the Swiss Federal Tribunal has ruled that, where a financial institution delegates its investigation and reporting obligations under the Swiss Anti-Money Laundering Act ("AMLA") to external counsel,...more

Second Circuit Highlights Bank Regulators' Actions in Weighing Alien Tort Statute Claims

by White & Case LLP on

In Licci v. Lebanese Canadian Bank, the Second Circuit reaffirmed its prior rulings that international law does not recognize corporate liability for crimes under international law, and so dismissed claims by foreign...more

New out-of-court settlement in Belgium for bribery, fraud and money laundering offences

by Allen & Overy LLP on

A new law has introduced an out-of-court criminal dispute resolution procedure which is available to, inter alia, a legal entity accused of bribery, fraud or money laundering. Provisions relating to another alternative to...more

IRS and DOJ are Reviewing and Scrubbing Offshore Accounts Data to Build Civil and Criminal Cases

During the June 24, 2016 Tax Controversy Conference held at New York University, officials from both the Department of Justice (DOJ) and the Internal Revenue Service (IRS) emphasized their focus on analyzing the avalanche of...more

Criminal Action is Brought Against Municipal Officials for Fraudulent Bond Disclosure

by Locke Lord LLP on

In what is believed to be the first action of its kind, on April 14, 2016, the U.S. Department of Justice brought a criminal action against municipal officials based on disclosure claims in connection with municipal bond...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

Budget hearings were a focus this week as the Chair of the SEC and Chairman of the CFTC visited Capitol Hill. Both sought substantial increases, requesting more money for technology, inspections and enforcement. While the...more

SEC-USAO Charge Former Fund Principal With Fraud

by Dorsey & Whitney LLP on

A former managing principal of Blackstone Group, and a partner at Park Hill Group which raises capital for private equity, was charged by the SEC and Manhattan U.S. Attorney’s Office with fraud. The charges are based on...more

Leader of International Pump-and-Dump Sentenced to 216 Months

by Dorsey & Whitney LLP on

The man who orchestrated a large international microcap market manipulation involving at least 34 persons was sentenced to serve 216 months in prison after pleading guilty. Harold Gallison, pleaded guilty to two counts of...more

The devil is in the detail: call for global standards for corporate settlements in foreign bribery cases

by WilmerHale on

March 16, 2016, saw the OECD host an Anti-Bribery Ministerial meeting in Paris to discuss how to strengthen the implementation of its Anti-Bribery Convention. In the run up to the meeting, the respective heads of Corruption...more

UK Libor Fraud Supreme Court Appeal Application Blocked

by Shearman & Sterling LLP on

London's Court of Appeal refused leave for Tom Hayes’ application to the UK Supreme Court to appeal his conviction. Mr. Hayes was convicted of eight charges of conspiracy to defraud and initially sentenced to 14 years in...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

This week the SEC brought six actions tied to the failure of a rapidly growing enterprise to maintain the proper internal controls. The agency also brought two proceedings tied to municipal bond offerings and one insider...more

German Cum/Ex-Trades: Enhanced Risks and Industry-Wide Challenges

by WilmerHale on

The German and international financial industries and their advisors have come under new pressure to investigate so-called 'cum/ex' trades conducted between 2000 and 2012. For many years, tax authorities and criminal...more

Olympus Settles FCPA Charges with DOJ

by Dorsey & Whitney LLP on

The Department of Justice resolved another FCPA investigation centered on payments made to health officials. Olympus Corporation of the Americas, a wholly owned subsidiary of Olympus Corporation, Tokyo, Japan, and Olympus...more

SEC Prevails in Payton Insider Trading/Tipping Case

by Dorsey & Whitney LLP on

The SEC prevailed in its insider trading/tipping case against two New York brokers were Newman and its tipping standard was a key issue. SEC v. Payton, Civil Action No. 14 civ 4644 (S.D.N.Y.). On Monday a jury in New York...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

At SEC Speaks Chair White noted that the SEC is more than a disclosure agency. In areas like exchange regulation financial standards and investment advisers the Commission engages in substantive regulation, suggesting perhaps...more

SEC Partially Settles “Portfolio Manager” Insider Trading Case

by Dorsey & Whitney LLP on

The SEC partially settled what is perhaps one of its more unusual insider trading cases. It involved defendants who posed as portfolio managers who then induced investment bankers to entrust them which inside information that...more

Yates Memo in Action: No Cooperation Credit in FCPA Enforcement for Failing to Disclose Key Facts

by Dorsey & Whitney LLP on

A recent case illustrates both the ongoing corruption risks for U.S. companies doing business in developing countries such as China and the Government’s tougher stance on settling white collar crime cases. In this case, the...more

Lessons from DOJ’s FCPA Resolution with PTC China: No Partial Self-Disclosure Credit

by Morrison & Foerster LLP on

In 2015, the Department of Justice (DOJ) made more news for the corporate Foreign Corrupt Practices Act (FCPA) cases that it did not bring than for the two that it did bring: Nine times last year, DOJ declined to join...more

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