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Are Compliance Officers at Financial Institutions Now in the Hot Seat for Fines?

Otherwise reputable Financial Institutions continue being sanctioned for regulatory non-compliance. Well known “household” names continue receiving fines for failing to establish and implement adequate Anti-Money Laundering...more

Recent Criticisms of the SEC: Fair or Unfair?

Over the last few years, the SEC has been criticized for (1) failing to “consistently and aggressively enforce the securities laws and protect investors and the public,” (2) obtaining sanctions that amount to only a slap on...more

Regulatory Enforcement in the UK - A Retrospective on 2015. Can the Fines Get Any Bigger?

When the UK Financial Services Authority became the Financial Conduct Authority (“FCA”) in April 2013, we were told that this would herald a tougher and more intrusive style of regulation. The FCA’s enforcement record in the...more

China Regulatory Enforcement Quarterly - Q2 2015

The Chinese regulatory enforcement landscape is still very active for the second quarter of 2015. In the absence of high-profile enforcement actions against Communist Party officials, Chinese authorities appear to be...more

The Impact of Newman on SEC Enforcement: Part III

This is the third segment of a five part series discussing the impact of the Second Circuit’s ruling in Newman on SEC insider trading cases. Post Newman SEC Actions - In the wake of Newman the SEC has three...more

The Impact of Newman on SEC Enforcement: Part II

This is the second segment of a five part series discussing the impact of the Second Circuit’s ruling in Newman on SEC insider trading cases. The Immediate Impact of Newman - The most immediate impact of Newman is...more

Department of Justice Reprioritizes Asset Seizure in Structuring Cases But Risks Remain

On December 23, 2014, the United States Attorney for the Eastern District of North Carolina filed a Complaint for Forfeiture In Rem seeking to forfeit $107,702.66 belonging to Lyndon McLellan, the owner of L&M Convenient Mart...more

China Regulatory Enforcement Quarterly - Q1 – 2015 |

Inside This Issue: - Executive Summary - PRC Legal and Regulatory Updates - Major Enforcement News - China Communist Party Titles 101 - AIC Penalties Increase Risk of Dual Enforcement Actions - Frequently Asked...more

Investment Professional Charged with Fraud, Self-Dealing by SEC

The SEC charged another investment professional with fraud and self-dealing. SEC v. Ahmed, Civil Action No. 3:15-cv-00675 (D. Conn. Filed May 5, 2015). Defendant Iftikar Ahmed is an investment professional who was a partner...more

SEC Files Another Market Crisis Case

The market crisis of the last decade seems to have a never ending dribble of cases. The SEC filed another this week, naming four former officers of Wilmington Trust Company as defendants. SEC v. Gibson (D.Del. Filed May 6,...more

Father-Daughter Conclude Settlement With SEC

The SEC concluded its litigation with a father – daughter combination that solicited investors to purchase promissory notes based on representations that there would be risk free returns from forex trading. There were no...more

FCA Fines Individual For Committing Market Abuse Based On Information Provided By A Third Party

We consider here the FCA's enforcement action against Kenneth Carver for committing market abuse (insider dealing) in breach of section 118(2) of the Financial Services and Markets Act 2000 (FSMA) when purchasing shares on...more

This Week In Securities Litigation

The SEC announced its first whistleblower award in a retaliation case this week. The agency also brought an insider trading case, an action against an investment adviser, its general counsel and auditor based on a conflict, a...more

CIO Sentenced for Insider Trading

David Riley, formerly the Chief Information Officer of Foundry Networks, Inc. was sentenced to serve 60 months in prison and pay a $50,000 fine based on insider trading charges. He was found guilty by a jury following a 13...more

US Sentencing Commission Revises Sentencing Guidelines for Fraud

The United States Sentencing Commission recently adopted new guidelines for sentencing in cases involving fraud and economic crimes, seeking to better account for the actual harm to victims, individual culpability and the...more

UK FCA Focuses Increased Scrutiny on Asset Managers

Regulators across the globe are intensifying their focus on enforcing the regulation of the asset management industry. Over the last twelve months, the global Financial Stability Board, the International Monetary Fund, the US...more

Commenters Don’t Hold Back: Responses to Civil Liability and Enforcement Provisions of Draft Cooperative Capital Markets...

The consultation drafts of the proposed uniform provincial capital markets legislation, Provincial Capital Markets Act (PCMA), and federal capital markets legislation, Capital Markets Stability Act (CMSA), (Consultation...more

BSI Account Holders Now Face 50 Percent Penalty On All Undisclosed Offshore Accounts

On Monday, March 30, 2015, the Department of Justice (the "Department") announced its first settlement under the Swiss Bank Program, potentially exposing thousands of U.S. taxpayers to a steep 50 percent penalty for failure...more

BSI Is First Bank to Reach Resolution in DOJ’s Program for Swiss Banks

BSI of Lugano, Switzerland, became the first bank to earn a non-prosecution agreement under the U.S. DOJ’s Program for Swiss Banks, paying a penalty of $211 million. First announced on August 29, 2013, the program offered...more

ERISA: 6 New Trends in DOL Enforcement Actions

The U.S. Department of Labor (DOL) and the Employee Benefits Security Administration (EBSA) just issued a “Fact Sheet” describing Fiscal Year 2014 civil and criminal enforcement activity under ERISA....more

U.S. Government Announces Significant Sanctions Enforcement Actions Against Schlumberger and PayPal

The U.S. Government announced two major sanctions enforcement actions this week that reinforce the compliance challenges faced by both U.S. companies with international activities and non-U.S. companies subject to U.S....more

Bank Settles Criminal Bank Secrecy Act and Civil Fraud Charges Arising from Its Inadequate Anti-Money Laundering Program

On March 10, 2015, the U.S. Department of Justice (“DOJ”) announced a $4.9 million settlement of criminal and civil charges against CommerceWest Bank (“CommerceWest” or the “Bank”) brought pursuant to the Bank Secrecy Act...more

SEC Enforcement Division Outlines Focus for 2015

Action Item: Companies and individuals should continue to be mindful that the Enforcement Division will aggressively pursue securities fraud violations and will be increasing its personnel and technology resources to...more

DOJ Announces Two More ‘Operation Choke Point’ Settlements

With the recent announcement by the U.S. Department of Justice (DOJ) that it had settled separate lawsuits against two small banks charged with facilitating consumer fraud through their relationships with third-party payment...more

Portfolio Manager in SEC Investigation Makes a Bad Day Worse

Portfolio manager Steven Hart made a difficult situation worse. He was under investigation by the SEC. That inquiry focused on whether he had made a series of matched trades. The investigation resulted in an SEC enforcement...more

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