Enforcement Actions Securities & Exchange Commission

News & Analysis as of

The SEC, Insider Trading and the Super Bowl

Perhaps the SEC is developing a sense of ironic timing. The day after the Super Bowl the Commission filed an insider trading action. The conversations which are the predicate for the alleged illegal securities trades began in...more

SciClone Pharmaceuticals: A Textbook Case of FCPA Violations for Gifts, Meals, Entertainment and Travel

The Securities and Exchange Commission continues its steady march as the prominent FCPA enforcement agency against corporations.  The Justice Department has not brought any enforcement actions this year and continues to...more

SEC Settles With 14 Municipal Bond Underwriters

The SEC filed fourteen settled actions against municipal underwriting firms this week. The settlements were part of a program that commenced in 2014 called the Municipalities Continuing Disclosure Cooperation Initiative. The...more

Enforcement Heats Up at the SEC

Andrew Ceresney, Director of the SEC’s Division of Enforcement, gave the keynote address at last week’s Directors Forum 2016 in San Diego. In his speech, Mr. Ceresney made several points worth highlighting. First of all,...more

Reflections on the SEC- FCPA Enforcement Action Against SAP

The Foreign Corrupt Practices Act (FCPA) enforcement journey, which began last summer with the guilty plea of Vicente Garcia for the payment of bribes to obtain contracts in Panama for his employer, SAP International, ended...more

Cooperation Yields No Penalty in SEC FCPA Settlement

The SEC filed another settled FCPA proceeding in which cooperation substantially mitigated the sanctions. Specifically, a monetary penalty was not imposed on the firm in view of its cooperation, although the company did not...more

A Compilation of Enforcement and Non-Enforcement Actions

Non-Enforcement - FINRA’s Proposed Pay-to-Play Rule Will Impact Investment Advisers - Late last year (December 24, 2015), the Financial Industry Regulatory Authority (FINRA) submitted a proposed rule to the U.S....more

The SEC is focusing its enforcement and investigation efforts on preparers and auditors of financial statements, Mary Jo White...

In a recent address, SEC Chair Mary Jo White stated that the SEC had focused its reinvigorated investigation and enforcement efforts on holding preparers and auditors accountable for their work on financial statements. She...more

Securities and Exchange Commission (SEC) Emphasizes Priority to Bring Enforcement Actions for Commercial Bribery under U.S....

Black’s Law Dictionary defines commercial bribery as “[a] form of corrupt and unfair trade practice in which an employee accepts a gratuity to act against the best interest of his employer.” Commercial bribery is illegal...more

The SEC And Financial Fraud

Financial fraud was a staple of SEC enforcement for years. Complex financial fraud cases in which the “books were cooked” to make earnings guidance, increase bonuses or for other reasons were the daily grist of SEC...more

This Week In Securities Litigation

Washington spent much of this week digging out from a monster snow storm which left the government closed for two full days and reporting for work on a delayed based for two others. Two recent reports from Cornerstone...more

Data Security in the Financial Industry: Five Key Developments to Keep An Eye on in 2016

According to a 2015 report on threats to the financial services sector, 41% of financial services organizations polled had experienced a data breach or failed a compliance audit in the previous year, and 57% listed preventing...more

SEC’s First Whistleblower Award to Company Outsider: Game Changer?

The headlines lit up this month when the Securities and Exchange Commission (SEC) issued its first-ever award to a whistleblower who wasn’t employed by the company on which he had blown the whistle. The award was a...more

Financial Services Weekly News - January 2016 #4

Regulatory Developments - Under Review: Deposit Insurance Assessments for Small Banks - On Jan. 21, the FDIC approved revised proposed rules on risk-based federal deposit insurance assessments for small banks...more

SEC Awards Whistleblower More Than $700,000

On January 15, 2016, the Securities and Exchange Commission’s Office of the Whistleblower (“OWB”) announced the award of more than $700,000 to a “company outsider who conducted a detailed analysis that led to a successful SEC...more

SEC Trends: More Enforcement Actions, More Administrative Proceedings, Less Sanctions

SEC enforcement is brining more actions, more administrative proceedings but obtaining lower amounts of penalties and disgorgement, according to a recent report by Cornerstone Research. SEC Enforcement Activity Against Public...more

SEC: Gatekeeper Facilitates Unlawful Stock Sales

Gatekeepers are a critical focus for SEC enforcement. Lawyers, accountants and other professional are often at the scene and, in many instances, can be either key to halting, or in some instances implementing a wrongful...more

SEC Settles With Adviser That Allegedly Overcharged Management Fees and Misled Investors

On January 19, the Securities and Exchange Commission announced that it had settled with Equinox Fund Management LLC (Equinox). The SEC order found that Equinox, with respect to its managed futures fund (the Fund), had...more

"Auditors Must Beware the Consequences of Settling SEC Enforcement Actions"

The Securities and Exchange Commission (SEC) launched “Operation Broken Gate” in October 2013 to hold accountable those auditors who have intentionally or negligently violated professional auditing or accounting standards....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

SEC-IA Settle Disclosure Case

It is fundamental that investment professionals accurately disclose their polices and procedures and adhere to them. Yet an increasing number of proceedings are being brought by based on failing to follow to those procedures....more

"Aggressive Government Enforcement Continues: How Will Individual Prosecutions Impact Activity Against Institutions?"

U.S. authorities have been increasingly aggressive in their law enforcement and regulatory actions against multinational corporations and financial institutions, as well as individuals, in areas including market manipulation...more

This Week In Securities Litigation

The Commission resolved actions with SAC Capital founder Steven Cohen and the former Chairman of Dewey & Leboeuf in addition to filing settled actions against Goldman Sachs and State Street. The agency also filed another...more

The Financial Report - Volume 5, No. 1 January 2016 (Global)

Discussion and Analysis Richard Ketchum, Chairman and CEO of the Financial Industry Regulatory Authority, announced in FINRA’s 11th annual Regulatory and Examination Priorities Letter, published earlier this week, that...more

This Week In Securities Litigation

During the holiday period the SEC filed three insider trading cases as administrative proceeding. Three actions were brought involving major Wall Street banks; one centered on “parking” allegations involving Morgan Stanley...more

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