News & Analysis as of

This Week In Securities Litigation

The Commission brought a series of administrative proceedings this week and one civil injunctive action. The civil injunctive action was an insider trading case. The administrative proceedings centered on FCPA violations, the...more

Providing Audited Financial Statements Late Leads to Charges of Custody Rule Violations

The SEC announced charges against an investment advisory firm and three of its top officials for violating the “custody rule” that requires firms to follow certain procedures when they control or have access to client money...more

SEC Approves Supervision & Compliance Rule for Municipal Advisors

The SEC last week approved new MSRB Rule G-44 implementing supervision and compliance requirements for municipal advisors. The MSRB touted the Rule as “its first dedicated rule for municipal advisors” under the Dodd-Frank...more

The SEC’s Carter’s, Inc. Investigation Yields Another Insider Trading Case

Carter’s, Inc. is the investigation that just keeps on generating cases. The investigation has yielded seven SEC actions charging insider trading and financial fraud. Hedge fund manager Stephen Slawson became the eight person...more

Self-reporting, Extensive Cooperation Yields Reduced Fine In SEC FCPA Action

Layne Christensen, a global water management, construction and drilling company resolved FCPA bribery and books and records and internal controls charges with the SEC. In the Matter of Layne Christensen Company, Adm. Proc....more

NY DFS Addresses Concerns Regarding Loan Servicer’s Noncompliance Issue

On October 21, New York DFS’s Superintendent Lawsky issued a letter to a large loan servicer institution regarding its systems and processes, most significantly the practice of backdating letters to borrowers. ...more

Adviser, Co-founder, Settle SEC Breach of Duty Proceeding

The Commission filed settled administrative proceedings against an investment adviser and its co-founder based on a claimed breach of fiduciary duty. The Order alleged violations based on negligence, citing Securities Act...more

SEC Commissioner Piwowar On Enforcement Policy

Commissioner Michael Piwowar, the only economist currently on the Commission, outlined his views regarding enforcement policy in remarks delivered at the Securities Enforcement Forum 2014 last week....more

For Now, The Broad Interpretation of “Foreign Officials” Under the FCPA Is Here to Stay

In recent years, the DOJ and SEC have significantly increased their Foreign Corrupt Practices Act (FCPA) enforcement efforts, and in the process, have successfully advocated the theory that state-owned or state-controlled...more

SEC Brings Another Offering Fraud Case

The Commission filed another in what appears to be an unending series of offering fraud actions. Unlike many of its prior cases, this action centers on a Respondent who kept shifting his scheme to continually raise more money...more

Wrapping up Securities Enforcement Forum 2014

I was lucky enough to spend Tuesday at Bruce Carton’s Securities Enforcement Forum 2014. In three years, it has gone from zero to the preeminent securities enforcement law conference anywhere. I blogged it hurriedly...more

Small Business Securities Bulletin: Recent SEC Enforcement Actions Impact Compliance Landscape

There was not a lot of Securities and Exchange Commission (SEC) activity this past Spring and Summer that was directly relevant to most small and medium-sized SEC reporting companies, with the SEC focusing on credit ratings...more

Governance & Securities Law Focus: Latin America Edition - October 2014

In this issue: - US DEVELOPMENTS - SEC Developments - Noteworthy US Securities Law Litigation - Recent SEC/DOJ Enforcement Matters - EU DEVELOPMENTS - European Commission...more

In Case You Missed It - Interesting Items for Corporate Counsel

The SEC reminded everyone that, yes, it cares whether you timely file your Section 16 reports, by announcing enforcement actions against 28 Section 16 filers and six public companies here. Some tie the unprecedented...more

Governance & Securities Law Focus: Asia Edition, October 2014

In this issue: - Asia DEVELOPMENT - HKEx Releases Concept Paper on Weighted Voting Rights - US DEVELOPMENTS - SEC Developments - Noteworthy US Securities Law Litigation - Recent...more

CRTC Concludes First Enforcement Under Canada’s New Anti-Spam Legislation

On October 7, 2014, the Canadian Radio-television and Telecommunications Commission (CRTC) announced the conclusion of its first investigation and enforcement action under Canada’s Anti-Spam Legislation (CASL) since coming...more

Securities Enforcement Forum 2014 — Morning Keynote Speech by Commissioner Piwowar

Today I’m blogging from Securities Enforcement Forum 2014, Bruce Carton’s excellent one-day conference, this year being held at the Four Seasons hotel in Washington, D.C. The posts will be fairly raw, and certainly not...more

A Warning to Public Company Insiders and Companies: Get All Beneficial Ownership Reports Filed on Time

In September 2014, the Securities and Exchange Commission (“SEC”) announced charges against 28 officers, directors and significant stockholders of public companies for violating federal securities laws which require such...more

SEC Charges E*Trade Subs: When Is the Due Diligence Sufficient?

Having the correct compliance procedures in place can often be critical. The SEC and the DOJ have repeatedly emphasized this in FCPA cases. Conducting due diligence can be equally critical. For gatekeepers such as lawyers,...more

SEC Wins Summary Judgment Ruling In Ponzi Scheme Case

The Commission prevailed in an investment fund scheme action, obtaining a favorable summary judgment ruling. In reaching its conclusion the Court rejected claims that the action was time barred and that the cause of action...more

CFTC Settles Fraudulent Trading Violations with Forex Trader

The Commodity Futures Trading Commission accepted an offer of settlement submitted by the owner of Peak Capital Group, Inc., Scott Beatty, in anticipation of an administrative proceeding resulting from Beatty’s alleged...more

FinCrimes Update - September 2014 Summary, Volume 1, Issue 7

IN THIS ISSUE: BSA/AML & OFAC | Virtual Currency & Payment Systems | FCPA & Anti-Corruption | Criminal Enforcement. BSA/AML & OFAC: FINCEN OFFERS RED FLAGS GUIDANCE ON HUMAN TRAFFICKING AND...more

Financial Regulatory Developments Focus - October 2014 #2

In this issue: - Derivatives - Bank Prudential Regulation & Regulatory Capital - Recovery & Resolution - Bank Structure - Shadow Banking - Financial Services - Excerpt...more

Loss Causation In A Securities Fraud Case From a Stream of Small Disclosures

A critical element in a Section 10(b) and Rule 10b-5 securities fraud claim for damages is loss causation. Mandated as a key component of such a claim by the PSLRA, the element provides the essential link between the alleged...more

The Positive Effects of DPAs and NPAs in FCPA Enforcement

One of the oft-made criticisms regarding the Department of Justice (DOJ) around its enforcement of the Foreign Corrupt Practices Act (FCPA) is its the use of Deferred Prosecution Agreements (DPAs) and Non-Prosecution...more

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