Finance & Banking Criminal Law

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This Week In Securities Litigation

Merrill Lynch was at the center of actions brought by the SEC and FINRA this week. One action charged the firm with violations of the customer protection rule tied to using customer cash and failing to protect their...more

DOJ - SEC Resolve FCPA Actions – Consider Cooperation

A Massachusetts based medical imaging company resolved FCPA charges with the DOJ and the SEC stemming from actions taken by its Danish subsidiary and its CFO. The actions center on about 180 suspicious transactions in Russia...more

Two Reasons Two Fellows from Fargo Could Facilitate Financial Fraud

For most Americans, the term "money laundering" conjures an image of boxes of currency flown to the United States via seaplane—or former dictators paying cash for multimillion-dollar homes in swanky communities. Virtually no...more

Legislative Update

With negotiations on the budget bill (HB 1030) still continuing outside the public view, this week the General Assembly focused on other issues. Tax Proposals; Services Tax Clarifications and New Market Jobs Act - ...more

Bridging the Week - June 2016 #3

SEC Overturns CBOE Determination That Individual Traders of Two Omnibus Accounts Were Customers Requiring Application of Customer Identification Rule - The Securities and Exchange Commission set aside a determination by...more

FCA Enforcement Action Overview

Reed Smith’s Enforcement Action by the FCA 2016 is a useful overview of enforcement action taken by the FCA in 2016. Enforcement action is important in terms of showing where the focus of the regulator is in terms of...more

This Week In Securities Litigation

Insider trading was a key focus this week. Two actions were brought based on information secured from the FDA and CMS by former employees who were employed by and investment adviser. Another case centered on tips by a...more

Left Swinging: Why Mickelson Went Uncharged For Insider Trading

In Depth - The Securities and Exchange Commission recently revealed details of an insider trading case against a gambler named William Walters, who allegedly engaged in insider trading based on information he obtained...more

UK Bribery Act – 5 lessons in 5 years: No 2 – Unheard Voices

The corporate bribery offence has brought in a new age of enforcement, but at what cost to individuals who may be implicated? In the last few weeks of 2015, the enforcement landscape for corporate entities carrying on...more

Asset managers’ guide to the EU Market Abuse Regulation: will you be compliant on 3 July 2016?

The EU Market Abuse Regulation (596/2014) (“MAR”) applies from 3 July 2016. This guide is intended as an aid to asset managers in assessing, in the weeks running up to 3 July but also on an ongoing basis, whether amendments...more

“Spider Webs”, “Panama Papers” and IRS

IRS has asked involved U.S. taxpayers to come forward before IRS reads and dissects the “Panama Papers”. IRS will “plan how to use the huge trove of leaked documents to catch criminals — and urged Americans to come clean now...more

This Week In Securities Litigation

The elements of an insider trading claim continued to be a key focus this week. The first circuit, following prior circuit precedent, held that a personal benefit based on a long term friendship and a steak dinner was...more

Are You Within Reach of Anti-Money Laundering Enforcement? The Tentacles of Money Laundering Schemes Affect Real Estate Investors...

The U.S. Treasury Department has signaled the latest focus of its enforcement: real estate ventures with ties to money laundering schemes. Individual real estate investors and companies involved in luxury real estate, real...more

Corporate Investigations and White Collar Defense - June 2016

Eye on the Supreme Court—Corruption and Fraud Edition - Why it matters: This session, the Supreme Court has undertaken the review of numerous cases that raise thorny issues arising in the white collar context. In our...more

Court Discusses Slayer Rule in Texas And Affirms Judgment For Bank That Froze Account

Preface to Case: The Texas Constitution states that “[n]o conviction shall work corruption of blood, or forfeiture of estate.” Tex. Const. Art. I § 21 (emphasis added). The Texas Estates Code also states as much. Tex. Est....more

USDOJ Beefs Up FCPA Efforts

In April, the Fraud Section of the United States Department of Justice announced several measures designed to enhance its effort to discover and prosecute violations of the Foreign Corrupt Practices Act (FCPA). See, 15 U.S.C....more

The New AML Regulations and Their Impact on Banks—Increased Compliance for Lending Transactions with Legal Entities

On May 11, 2016, FinCEN published in the Federal Register its long-awaited anti-money laundering (“AML”) rules (the “Final Rules”) governing corporate entities doing business with banks and other financial institutions that...more

DOJ Declines Prosecution in Two FCPA Cases, SEC Executes NPAs

The DOJ declined prosecution in two self-reported potential FCPA actions while the SEC entered into non-prosecution agreements with each issuer. One matter involved Akamai Technologies, Inc. while the other centered on...more

When Steak and a Massage Equals Insider Trading

Is “wine, steak, and visits to a massage parlor” a quid pro quo personal benefit which, if received in conjunction the dissemination of material, non-public information, is sufficient to establish a breach of duty for illegal...more

Your daily dose of financial news: The Brief – 6.3.16

May’s jobs report is out today, though it may be a slightly less valuable barometer of economic growth due to the Verizon employee strike that wrapped up this week – WSJ Tribune Publishing’s doing more than buoying its...more

Suspicious Activity Reports: Why They Matter

The Bank Security Act (BSA) states that financial institutions have an obligation to aid law enforcement in identifying suspicious financial transactions through what is known as a Suspicious Activity Report (SAR). As banking...more

Anti–Money Laundering Alert: FinCEN Finalizes Beneficial Ownership and Customer Due Diligence Requirements

The Financial Crimes Enforcement Network (FinCEN) on May 11 released its long-awaited Final Rule (CDD Rule) that will require certain financial institutions to “look through” the nominal account holder to identify the...more

Mens Rea in Bank Fraud? U.S. Supreme Court to Decide

In April the U.S. Supreme Court announced its plan to take a new case involving the relevance of intent in bank fraud. In the fall the Supreme Court will rule in Shaw v. United States whether prosecutors are required to prove...more

The Insider Trading Cartoon Series, Vol. IX -- Tender Offers [Video]

I want to talk about Rule 14e-3, because it has significant implications for insider trading liability. But to do that, we first have to talk about tender offers, and what they are....more

One-Two Punch for Transparency: Beneficial Owners Outed

In an apparent effort to create the impression of strong U.S. policy response in the wake of the Panama Papers, the U.S. Department of the Treasury (Treasury) announced three initiatives to promote greater transparency and...more

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