Securities Law, Criminal Law, Business Torts

Q&A With Carlton Fields' Brian Rosner

by Brian Rosner | Carlton Fields on 5/14/2013

Brian Rosner is a shareholder in Carlton Fields' New York office. Q: What is the most challenging case you have worked on and what made it challenging? Originally Published in Law360, New York - April 29, 2013....more

DOJ and SEC Scrutinize Potential Misuse of Rule 10b5-1 Trading Plans by Corporate Directors Affiliated with Investment Advisers

by Ashley Burden, Stephen Leitzell, Andrew L. Oringer, Adam Wasserman | Dechert LLP on 5/10/2013

Over the past four years, the U.S. Department of Justice (“DOJ”) and U.S. Securities and Exchange Commission (“SEC”) have focused on insider trading involving private funds as one of their key targets in the fight against...more

What Does Cooperation Buy You?

by Kiersten Fletcher, Brian Hoffman, Justin Hoogs, Carl Loewenson, Jr., Kayvan Sadeghi, Ruti Smithline | Morrison & Foerster LLP on 4/9/2013

Cooperation. The word is filled with meaning for enforcement professionals. The U.S. Securities and Exchange Commission and the U.S. Department of Justice profess to weigh it heavily when making charging and sanctioning...more

Financial Regulators Compete, JPMorgan Loses

by John Lovallo, Kathleen Wailes | LEVICK on 3/29/2013

The Federal Bureau of Investigation (FBI); the Federal Deposit Insurance Corporation (FDIC); the Commodity Futures Trading Commission (CFTC); the Securities and Exchange Commission (SEC); and the Office of the Comptroller of...more

Prudential Sues Bank of America Over $2 Billion in RMBS

by Orrick - Structured Finance Group on 3/28/2013

On March 14, several Prudential entities filed suit in the United States District Court for the District of New Jersey against several Bank of America and Merrill Lynch entities in connection with Prudential’s investments in...more

Restatements Resurrected?: Accounting Fraud By The Numbers

by Stephen M. Juris | Morvillo Abramowitz Grand Iason & Anello P.C.... on 3/28/2013

Several months ago, I raised the question of why the large-scale accounting fraud cases of the type that had been so prevalent in the early 2000s were no longer a staple for either federal prosecutors or the SEC. In so doing,...more

SEC Ramps Up Its Private Equity Parade

by David Smyth | Brooks Pierce on 3/21/2013

Bruce Karpati, chief of the SEC’s Asset Management Unit, promised us several weeks ago that enforcement actions against private equity firms were about to heat up. He wasn’t kidding. Last Monday, the SEC filed two sets of...more

Former Futures Trader at JP Morgan Cazenove is Sentenced to 4 Years Imprisonment for Insider Dealing

by Orrick - Structured Finance Group on 3/21/2013

Following a prosecution brought by the FSA, Richard Joseph was found guilty at Southwark Crown Court of six counts of conspiracy to deal as an insider. Joseph received inside information from a print room manager at JP Morgan...more

Inside The Lawyers Studio: Media Coverage On Cases Involving Insider Trading

by The Law Offices of Tacopina Seigel and... on 3/19/2013

The Securities and Exchange Commission (SEC) defines illegal insider trading as “…buying or selling a security, in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of material,...more

Orrick's Financial Industry Week in Review - March 18, 2013

by Orrick, Herrington & Sutcliffe LLP on 3/19/2013

In This Issue: *Financial Industry Developments - CFTC Announces the Start of Mandatory Clearing - CFTC Reminds Market Participants of Swap Data Reporting Requirements - Rating Agency Developments...more

Rule 10B5-1 Trading Plans: Considerations in Light of Increased Scrutiny

by Steven Bochner, Nicki Locker | Wilson Sonsini Goodrich & Rosati on 3/13/2013

The aggressive use (or misuse) of Rule 10b5-1 trading plans is likely to become a significant area of focus for regulatory enforcement and securities class action plaintiffs. The floodlights now aimed at such plans are the...more

Internal Investigation Fees Awarded To Goldman Sachs

by Mona Amer, Mark Mermelstein | Orrick - Securities Litigation and Regulatory... on 3/5/2013

On Monday, February 25, Goldman Sachs won its bid to force former director Rajat K. Gupta to pay legal fees it incurred while investigating Gupta’s insider trading activities. In October 2012, Gupta was sentenced to two years...more

Supreme Court in Gabelli: Clock Starts Ticking When Fraud Occurs, Not When It's Discovered

by Robert J. Anello | Morvillo Abramowitz Grand Iason & Anello P.C.... on 2/27/2013

The law requires the SEC to bring enforcement actions seeking penalties against individuals who violate the securities laws within five years. The Supreme Court issued a unanimous ruling today that rejects the SEC’s argument...more

SEC And FBI Try To Ketchup To Heinz Insider Traders

by Jim Burns Jr., Jennifer Liu, Katie Lieberg Stowe | Orrick - Securities Litigation and Regulatory... on 2/26/2013

In the latest development in an SEC lawsuit filed Friday, February 15, U.S. District Judge Rakoff extended a freeze on a Swiss Goldman Sachs account linked to possible insider trading in H.J. Heinz Company call options. The...more

Insider Trader Arrested in Hong Kong – First Such Extradition in a Decade

by Joan Hon | Reed Smith on 2/1/2013

In the past several years, legal commentators have consistently written about the increasing emphasis on cross-border regulatory enforcement, and the global crackdown on insider trading in particular. However, it is rare to...more

Insider Dealing

by Orrick - Structured Finance Group on 12/19/2012

On December 13, the FSA published a press release announcing that Thomas Ammann, a former investment banker and FSA Approved Person at Mizuho International plc, had been sentenced to 2 years and 8 months imprisonment for two...more

Is the Current Wave of Insider Trading Cases a Deterrent to Others?

by Lawrence Bader | Morvillo Abramowitz Grand Iason & Anello P.C.... on 12/12/2012

As sentences in insider trading cases have grown longer, insider trading has continued, apparently at historically high rates, with increasingly longer sentences being meted out. However, the longer sentences do not appear to...more

Remote Tippee Issues Hang over SEC/Wells Fargo Insider Trading Case

by David Smyth | Brooks Pierce on 12/6/2012

The SEC brought a big insider trading case against a number of individuals in the Western District of North Carolina yesterday. The complaint alleges $11 million in illicit profits. The complaint calls it an insider...more

Several Thoughts about the Largest Insider Trading Case in History

by David Smyth | Brooks Pierce on 11/21/2012

The SEC and Justice Department filed a massive insider trading case in the Southern District of New York yesterday. The actual defendants include University of Michigan neurology professor Sidney Gilman, hedge fund advisory...more

Orrick's Financial Industry Week in Review - November 19, 2012

by Orrick, Herrington & Sutcliffe LLP on 11/21/2012

In This Issue: - Personal Insurance Issues in the Aftermath of Superstorm Sandy Orrick's Insurance Practice Group is offering a series of online webinars to walk individuals through the process of dealing with...more

The Government's War Against Financial Industry Crimes Continues with a Record-Breaking Insider Trading Case, But It's Still Too...

by Robert J. Anello | Morvillo Abramowitz Grand Iason & Anello P.C.... on 11/21/2012

The Department of Justice and Securities Exchange Commission loudly have trumpeted victories achieved in their renewed battle against insider trading and Wall Street malfeasance, repeatedly warning that there are more cases...more

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