Securities Criminal Law

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UPDATE re Is New York's Proposal a Harbinger of Things to Come? Certification of BSA/AML Compliance and Personal Liability for...

Update - This announcement comes just days after New York Governor Andrew Cuomo nominated Maria Vullo, another lawyer, to replace Benjamin Lawsky, who resigned as the Superintendent of the Department of Financial...more

FinCrimes Update - January 2016 Summary, Volume 4, Issue 1

JANUARY FINCRIMES WEBINAR RECAP: 2015 ENFORCEMENT ACTIONS: LESSONS LEARNED FOR REGIONAL AND SUPER-REGIONAL BANKS - On January 28, 2016, BuckleySandler hosted 2015 Enforcement Actions: Lessons Learned for Regional and...more

SEC-USAO Bring Insider Trading Case That is “Newman-Proof”

When anyone discusses insider trading these days Newman invariably becomes a key topic. Prosecutors decry the decision and its tipping standard. Little doubt why. It has been offered as a defense in innumerable cases. A...more

LIBOR acquittals: Keep calm and carry on

Here’s some information that may shock certain sections of the media: Not everyone charged with a crime will be, or should be, found guilty. Even people with a case to answer on paper can still, quite properly, be acquitted....more

CFTC Alert: 2015 CFTC Year-in-Review, and a Look Forward

CFTC continues to bring high-profile, large-penalty enforcement cases; begins bringing cases to enforce Dodd-Frank Act implementing regulations; and embarks on post-Dodd-Frank Act regulatory initiatives. Please see...more

U.S. Supreme Court to Take Up Issue of “Personal Benefit” in Insider Trading Context

The U.S. Supreme Court granted certiorari this week in a case that is sure to draw significant attention given its likely implications on insider trading liability. Bassam Salman filed the petition after the Ninth Circuit...more

Corporate Investigations & White Collar Defense - January 2016

The FCPA in 2016: DOJ and SEC Focus on International Cooperation and Investigation of Individuals - Why it matters: As we reported in our December 2015 newsletter, both SEC Enforcement Director Andrew Ceresney and DOJ...more

This Week In Securities Litigation

The Newman personal benefit test in insider trading tipping cases is front and center this week as the Supreme Court agreed to consider the issue. The Court passed on the opportunity to consider the question when first...more

The Supreme Court

The Supreme Court of the United States issued decisions in four cases today: Campbell-Ewald v. Gomez, No. 14-857: Respondent Jose Gomez received Navy recruitment text messages without his consent. He filed a nationwide...more

Supreme Court to Review Decision in Important Insider Trading Case – Likely to Clarify Law on the Personal Benefit Requirement

The Supreme Court yesterday granted certiorari in the case United States v. Salman, an insider trading case decided by the Ninth Circuit Court of Appeals. This is significant because in Salman the critical issue is whether...more

Foreign Corrupt Practices Act Enforcement 2016: In Like A Lamb, Out Like A Lion

In 2015, the U.S. Government significantly bolstered its resources dedicated to combat international corporate bribery under the Foreign Corrupt Practices Act ("FCPA"). By announcing the addition of a team of FCPA-dedicated...more

U.S. and China Sign Financial Intelligence Cooperation Memorandum

The U.S. Financial Crimes Enforcement Network (FinCEN) and the China Anti-Money Laundering Monitoring and Analysis Center (CAMLMAC) recently signed a Memorandum of Understanding (MOU) to create a “framework to facilitate...more

Spoofing Is No Joke: Prosecutors Clamp Down on High-Frequency Traders

On November 3, 2015, an Illinois federal jury convicted Michael Coscia, a high-frequency commodities trader, of six counts of commodities fraud and six counts of spoofing—entering a buy or sell order with the intent to cancel...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

Former Executive Sentenced for Conspiracy to Bribe Panamanian Government Officials

On December 16, the U.S. District Court for the Northern District of California sentenced a former regional director of a Pennsylvania-based software and technology company for his involvement in a conspiracy to bribe...more

Second Circuit Broadens Scope Of Expert Testimony Admissible In White-Collar Fraud Trials

In United States v. Litvak, 14-2902, the U.S. Court of Appeals for the Second Circuit vacated the conviction of a securities trader after concluding that the district court erroneously excluded his proffered expert witnesses....more

This Week In Securities Litigation

The Commission closed out the week before the holidays with a joint press conference with the Manhattan U.S. Attorney. The U.S. Attorney and the Director of Enforcement announced actions against former hedge fund manager and...more

Martin Shkreli, Criminal Forfeiture, and the Wu-Tang Clan

The S&P Schadenfreude Index hit an all-time high yesterday when Martin Shkreli was arrested and indicted for securities fraud related to a hedge fund he used to run. The SEC sued him, too. Here’s how the Justice Department...more

Your daily dose of financial news The Brief – 12.18.15

As expected based on earlier rumors, Avon has struck a deal with Cerberus Capital Management to split off its North American business. Cerberus will acquire an 80.1% stake in Avon North America and also kick in a $435 million...more

FinCrimes Update - November 2015 Summary, Volume 2, Issue 9

FINCEN DIRECTOR HIGHLIGHTS THE SIGNIFICANCE OF SAR FILINGS - On December 9, FinCEN Director Calvery highlighted at a joint FBIIC-FSSCC meeting the role of FinCEN in gathering and analyzing financial intelligence and the...more

Takeaways From UK's 1st Deferred Prosecution Agreement

In a judgment published on Nov. 30, Lord Justice Brian Leveson approved the first deferred prosecution agreement in the U.K., which was negotiated between the Serious Fraud Office and ICBC Standard Bank PLC. Lord Justice...more

Crowdfunding – Old-Fashioned Potato Salad or New-Fangled Money Laundering Tool?

Have you ever been depressed when a Kickstarter project to make potato salad proceeded to rake in more than your annual salary? Felt a sense of despair as an Indiegogo campaign to develop an X-rated card game went on to...more

Second Circuit Reverses Conviction in Bond Market Misrepresentation Case, but Endorses Government Theory of Materiality

On December 8, 2015, the United States Court of Appeals for the Second Circuit reversed the conviction of Jesse C. Litvak, a securities broker and trader at Jefferies & Company. Litvak had been convicted of various counts of...more

Second Circuit Overturns Fraud Convictions in United States v. Litvak

The Second Circuit found no proof of material misrepresentations as to some charges, and held that expert testimony was improperly excluded as to others. On December 8, the US Court of Appeals for the Second Circuit...more

The World in US Courts: Orrick's Quarterly Review of Decisions Applying US Law to Global Business and Cross-Border Activities

The Global law firm Orrick, Herrington & Sutcliffe LLP takes great pride in announcing the Fall 2015 edition of The World in US Courts: Orrick’s Quarterly Review of Decisions Applying US Law To Global Business and...more

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