Enforcement Actions

News & Analysis as of

New Five Business Day Timeline for Debt Tender or Exchange Offers

On January 23, 2015, the Staff of the US Securities and Exchange Commission issued a no-action letter (the “No-Action Letter”) providing that it would not recommend enforcement action with respect to a five business day...more

"United Kingdom: The SFO Focuses on Corporate Fraud and Corruption"

Once the subject of speculation regarding its possible consolidation with other agencies, the Serious Fraud Office (SFO) had an exceedingly busy 2014, with all signs suggesting that it will continue its aggressive enforcement...more

CFTC Issues Enforcement Order Regarding "Risk Management" Services and CTA Registration

On, January 16, the CFTC ordered Summit Energy Services, Inc. ("Summit Energy") to pay a $140,000 civil penalty to resolve allegations that it violated the Commodity Exchange Act ("CEA") by failing to register as a commodity...more

Securities Enforcement 2014 Year-End Review

Fiscal year 2014 proved to be another eventful and record-breaking year for the Division of Enforcement (Enforcement Division) of the United States Securities and Exchange Commission (SEC or the Commission). Indeed, the...more

FAA settles trail-blazing drone case for $1,100

After a multi-year fight over its $10,000 civil penalty against a drone pilot, the Federal Aviation Administration (“FAA”) settled with Raphael Pirker for $1,100 in connection with his operation of an unmanned aircraft system...more

EEOC Sues Stack Bros. Mechanical Contractors for Age Discrimination and Retaliation

Company Fired Employees When They Turned 62 and Punished One for Resisting, Federal Agency Charges - MADISON, Wis. - Stack Bros. Mechanical Contractors, Inc., of Superior, Wis., a major heating and plumbing contractor...more

Governance & Securities Law Focus: Asia Edition, January 2015

In this issue: - Japan Releases Exposure Draft of New Corporate Governance Code - Launch of Shanghai-Hong Kong Stock Connect - SEC and NYSE Developments - Noteworthy US Securities Law Litigation...more

OCC No Longer Issuing Anti-Money Laundering Recommendations

Office of the Comptroller of the Currency (“OCC”) examiners stated on Monday that they will no longer make recommendations on how banks can better comply with anti-money laundering (“AML”) regulations. Rather, the policy...more

Supervisor fined after workers exposed to asbestos dust

A supervisor with an asbestos abatement company, and his employer, have pleaded guilty to charges under the Occupational Health and Safety Act and were fined, after workers were exposed to asbestos dust on a job site....more

"Insights Conversations: Cartels"

With improved coordination among agencies and across borders and the threat of dual criminal and civil enforcement, companies facing cartel investigations must navigate an increasingly complex environment. Skadden partners...more

Cleaning Authority of Plainfield to Pay $15,000 to Resolve EEOC Disability Suit

House Cleaning Service Subjected Employee to Unlawful Inquiries and Harassment Based on Abnormal Gait, Federal Agency Charged - CHICAGO - Mont Brook, Inc., doing business as The Cleaning Authority of Plainfield, will...more

Oppenheimer Settles with SEC, FinCEN

Oppenheimer & Co., Inc. settled an action with the SEC centered on violations of the broker registration provisions, a failure to file suspicious activity reports or SARS and the sale of unregistered penny stock shares. The...more

Lessons Learned: Report All Potential D&O Liability Insurance Claims Without Delay

The District Court of Massachusetts’ January 6, 2015 opinion in Biochemics, Inc. v. Axis Reinsurance Co., 2015 WL 71493 (D. Mass. Jan. 6, 2015), reaffirms the importance of providing timely notice of all D&O liability claims...more

Kmart Will Pay $102,048 to Settle EEOC Disability Discrimination Lawsuit

Major Retailer Refused to Hire Applicant Because Kidney Disease Precluded Urine Sample, Federal Agency Charged - BALTIMORE - Kmart Corporation, a leading national retailer, will pay $102,048 and provide significant...more

Federal Prosecutors Charge Canadian Trader in “Layering” Scheme

The US Attorney for the District of New Jersey recently filed criminal securities and wire fraud charges against a Canadian man, Aleksandr Milrud, alleging that he engaged in a fraudulent scheme to manipulate the stock...more

Update on state AGs/regulator lawsuits using Dodd-Frank authority

Below is an update on the lawsuits we have been following that state attorneys general and a state regulator have brought using their Dodd-Frank enforcement authority. Under Dodd-Frank Section 1042, a state AG or regulator is...more

SEC Grants Second Bad Actor Waiver With Conditions

SEC Commissioner Kara Stein recently described what many saw as a possible model for harsher bad actor waivers after settling a matter with the SEC. According to Ms. Stein “The waiver was for a limited time, and only if...more

Supreme Court Hears Argument On Two Procedural Issues In False Claims Act Litigation

On January 13, 2015, the United States Supreme Court heard oral argument in Kellogg Brown & Root v. United States ex rel. Carter, No. 12-1497, a False Claims Act (FCA) qui tam case involving allegations of fraudulent billing...more

Mach Mining and the Future of the EEOC’s Duty to Conciliate in Good-Faith Prior to Civil Litigation

Last year, individuals filed over 100,000 charges of Title VII violations with the Equal Employment Opportunity Commission (“EEOC” or “Commission”), thousands of which the EEOC has—and continues—to aggressively investigate...more

Hot Wheel City Will Pay $20,000 to Resolve EEOC Sexual Harassment and Retaliation Lawsuit

DETROIT -- Hot Wheel City, a Detroit-based automotive wheel and accessory store chain, has agreed to pay $20,000 and to provide equitable relief to settle a federal sexual harassment and retaliation lawsuit brought by the...more

The SEC Totally Cares about Its Injunctions

Last week I wrote a post discussing the injunctions the SEC typically obtains against defendants in federal court. I noted the oddity of these obey-the-law injunctions and wondered aloud why the Commission never pursues...more

A Look Back at SEC Whistleblowers in 2014

In retrospect, 2014 has to be considered a success for the whistleblower program run by the United States Securities and Exchange Commission (SEC). This year, whistleblowers who earned awards through the SEC earned more money...more

Recorded Conversations with In-House Counsel Permitted as Evidence in FCPA Trial

Earlier this month, a federal judge in New Jersey held that a secretly recorded conversation between a former chief executive officer and his general counsel may be used by prosecutors as evidence against the former executive...more

"Insights Conversations: Cybersecurity"

This past year has been called the "year of the massive data breach," with many high-profile attacks on well-known companies. Skadden partners Cyrus Amir-Mokri, Patrick Fitzgerald, Marc S. Gerber, Stuart D. Levi and Timothy...more

The SEC’s Telling Enforcement Shift

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 made numerous, and significant, changes to the Securities and Exchange Commission’s regulatory powers particularly with respect to regulated professionals...more

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