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District Court Vacates Insider Trading Guilty Pleas in Misappropriation Case in Light of Landmark Newman Decision

On January 21, 2015, the Supreme Court decided a narrow but important issue of appellate jurisdiction in cases that have been consolidated for pretrial proceedings by the Judicial Panel on Multidistrict Litigation. A...more

BigLaw Recruiter: We Didn't Kill Dewey & LeBoeuf  [Video]

Jan. 21, 2015 (Mimesis Law) -- Jon Lindsey, partner at recruiting firm Major, Lindsey & Africa, talks with Lee Pacchia about the market for talent among the world's largest law firms. Asked why recruiters get blamed for the...more

Personal Benefit Test Does Not Apply To Misappropriation Theory of Insider Trading — USAO

In U.S. v. Newman, Nos. 13-1837-cr, 13-1917, 2014 WL 6911278 (2nd Cir. Decided Dec. 10, 2014) the Second Circuit handed prosecutors perhaps the only defeat they have suffered in recent years in an insider trading cases. After...more

SEC Charges Attorney For Allegedly False Legal Opinion

Last week, the Securities and Exchange Commission announced charges against an attorney who was allegedly involved in the filing of false registration statements.  The SEC’s order instituting proceedings alleges that the...more

Ethics in Pharmaceutical Sales: Strengthening Corporate Culture and Preventing False Claims Act Violations

“I didn’t set out to commit a crime. I certainly didn’t set out to hurt anyone… I was kind of a hero, because I helped the company make its numbers every quarter. And I thought I was doing a good thing. I thought I was...more

Tipper in Serial Insider Trading Ring Indicted

Criminal insider trading charges were filed against the former managing clerk of Simpson Thacher & Bartlett, Steven Metro. U.S. v. Metro (D. N.J. Jan. 15, 2015). Mr. Metro was indicted by a grand jury on one count of...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

Financial Services Regulatory Update: FX Investigations: Lessons Learnt From International Investigations

As the Australian Securities and Investments Commission (ASIC) and the Australian Competition and Consumer Commission (ACCC) continue their respective investigations of the conduct of financial institutions in relation to...more

This Is One Form 8-K, You’ll Never Want To File

In a recently filed Form 8-K, an international money transmitter, Xoom Corporation, reported that been the victim of a criminal fraud. This was no small heist. According to company, over $30 million had been transferred to...more

DOJ Kicks Off 2015 with an FCPA Enforcement Action Against a Former President of a Philadelphia Consulting Company

The U.S. Department of Justice (“DOJ”) wasted no time announcing its first Foreign Corrupt Practices Act (“FCPA”) case of 2015. On January 6, 2015, just two days into the first full week of the new year, Dmitrij Harder, the...more

Credit Crunch Digest - December 2014

This issue of the Credit Crunch Digest focuses on Libor civil penalties; three former ICAP brokers pleading not guilty to criminal Libor charges; a large whistle-blower award to a former Countrywide Financial Corp. executive;...more

DOJ Announces First FCPA Enforcement Action of 2015

Last week, the Department of Justice announced the first Foreign Corrupt Practices Act enforcement action of 2015, against Dmitrij Harder, the former owner and president of the Chestnut Consulting Group. The allegations are...more

FinCrimes Update - December 2014, Volumn 1, Issue 10

In this Issue: BSA/AML & OFAC | Virtual Currency & Payment Systems | FCPA & Anti-Corruption | Criminal Enforcement...more

SEC Inspection Staff Uncovers A Possible Fraud

The SEC claims that an individual that controlled several entities including an investment fund created phony consumer loans to funnel investor cash to his faltering financial operations rather than investing the money in...more

This Week In Securities Litigation

FCPA enforcement was the focus this first week of the new year. The DOJ brought FCPA and Travel Act charges against an individual alleged to have repeatedly bribed an official of the European Bank of Reconstruction and...more

The Year in White-Collar Crime: A Look Back Helps Us See Ahead

The Justice Department’s white-collar agenda in 2014 was marked by skyrocketing corporate settlements and continued reliance on deferred and non-prosecution agreements, coupled with compliance monitors. Several significant...more

The Rule of Lenity: Should Courts Defer to Agency Interpretations of RESPA § 8?

On November 10, 2014, the U.S. Supreme Court denied a petition for a writ of certiorari in a case entitled Douglas F. Whitman v. United States. Whitman was seeking to have the Supreme Court review (and, hopefully, overturn)...more

DIFC Market Abuse Regime - DFSA publishes Code of Market Conduct

On 16 December the Dubai Financial Services Authority (‘DFSA’) published its Code of Market Conduct (the ‘Code’) which will apply from 1 January 2015. The Code is intended to provide guidance and clarity to the market abuse...more

FCPA Compliance and Ethics Report-Episode 117-the Avon FCPA Enforcement Action [Video]

In this episode I take a deep dive into the recent concluded Avon FCPA enforcement action. ...more

Compliance Week: Insider-Trading Gets More Complicated

Over the last five years, the U.S. Attorney for the Southern District of New York, Preet Bharara, has aggressively pursued insider-trading cases against a broad spectrum of defendants. As a result, insider trading remains a...more

Three More Thoughts about United States v. Newman

In the wake of the Second Circuit’s huge remote tippee insider trading decision from two weeks ago in United States v. Newman, three more things occur to me. To recap, the court held that to be liable for insider trading in...more

Bank Leumi Enters Into DPA with U.S. Department of Justice

A major Israeli international bank admitted that it conspired to aid and assist U.S. taxpayers to prepare and present false tax returns to the Internal Revenue Service (IRS) by hiding income and assets in offshore bank...more

Reversing Convictions, Second Circuit Clarifies Scope of Tippee’s Required Knowledge in Insider Trading Cases

On December 10, 2014, the Second Circuit reversed insider trading convictions of two former hedge fund managers, holding that, to sustain a conviction for insider trading, the government must prove a tippee who trades on the...more

The Second Circuit Sets New Hurdles for Insider Trading Convictions

Under the Second Circuit’s new ruling, prosecutors have two large hurdles they must clear to convict under securities laws. First, they must prove that a defendant knew that the source of inside information disclosed tips in...more

A New Prosecutorial Frontier: SEC Seeks Bans on Municipal Officials

The Securities and Exchange Commission (“SEC”) was recently granted a preliminary agreement by a federal judge to bar a municipal official from participating in future bond sales. As reported by the Wall Street Journal, the...more

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