News & Analysis as of

Indictments

Criminal Enforcement: Federal Appellate Court Addresses Whether Resource Conservation and Recovery Act Violation was a...

The 9th Circuit United States Court of Appeals (“Court”) in a September 13th opinion considered whether “knowingly storing and disposing of hazardous waste without a Resource Conservation and Recovery Act (“RCRA”) permit” is...more

It’s A Slam Dunk: Take Steps Now To Avoid Tough Lessons Learned By Several NCAA Basketball Programs

The recent indictment of at least 10 individuals associated with college basketball should alert every university, and many businesses, to the importance of operating strong ethics and compliance programs and conducting...more

Fifth Circuit Affirms Contractors Cannot Be Criminally Liable for OCSLA Violations

On September 27, 2017, the Fifth Circuit in U.S.A. v. Don Moss, Curtis Dantin, Grand Isle Shipyard, Incorporated, and Christopher Srubar, No. 16-30516 (5th Cir. September 27, 2017), issued a decision affirming the District...more

The Fifth Circuit Restricts BSEE's Enforcement Authority Over Offshore Contractors in the Gulf of Mexico

On Wednesday, September 27, the US Court of Appeals for the Fifth Circuit issued an important decision in United States vs. Moss, No. 16-30561 that limits the authority of the federal government to bring enforcement actions...more

Where The Full Record Indicates a Plea is Voluntary, Rule 11 Omissions Will Not Lead to Vacatur

In United States v. Pattee, 14-32163-cr (April 21, 2016) (GC, GEL, RJL), the Court affirmed a judgment of conviction and sentence entered in the United States District Court for the Western District of New York (Frank P....more

Cattle Rustling, Blackmail, and Punitive Damages in Texas

by Strasburger & Price, LLP on

In a case that reads like an episode of “Dallas,” the Texas Supreme Court reiterated the rules for recovery of punitive damages. Bennett v. Grant, No. 15-0338 (April 28, 2017)....more

Federal Judge Declares the Rule of Reason Will Apply in Criminal Antitrust Case and Dismisses the Case as Barred Under the Statute...

by Hogan Lovells on

On August 28, a Utah federal judge held in United States v. Kemp & Associates, et al. that he will apply the rule of reason standard in a criminal prosecution against an heir-locator company for allegedly colluding with its...more

US Court of Appeals Overturns LIBOR Convictions Based on Derivative Use of Compelled Testimony Lawfully Obtained in UK

by Dechert LLP on

In a decision with significant implications for cross-border criminal and regulatory investigations in both the UK and U.S., a panel of the U.S. Court of Appeals for the Second Circuit recently overturned two convictions for...more

Affirmance in Drug Conspiracy Trial Considers Sufficiency of the Indictment and Evidentiary Rulings

United States v. Gill, No. 15-4444-cr(L) (Livingston, Chin, Carney), a decision in a drug trafficking and murder conspiracy appeal, offers several interesting rulings on evidentiary and trial practice issues that arose out of...more

Trading in Opaque Markets: Fraud, Materiality and Compliance

by Dorsey & Whitney LLP on

This is the final segment of an occasional series regarding a group of criminal and civil securities fraud actions involving trading in opaque markets and the lessons that can be drawn the prosecutions. ...more

Trading in Opaque Markets: Fraud, Materiality and Compliance

by Dorsey & Whitney LLP on

This is the third segment of an occasional series regarding a group of criminal and civil securities fraud actions involving trading in opaque markets and the lessons that can be drawn them. Litvak II - Before Shapiro...more

Second Circuit’s ruling in United States v. Allen strikes blow to cross-border enforcement efforts

by Dentons on

The Second Circuit’s recent decision in United States v. Allen has created a potentially serious obstacle to the United States’ cross-border enforcement efforts. The court ruled that the Fifth Amendment prohibits the...more

Trading in Opaque Markets: Fraud, Materiality and Compliance

by Dorsey & Whitney LLP on

This is the second segment of an occasional series regarding a group of criminal and civil securities fraud actions involving trading in opaque markets and the lessons that can be drawn them; the first segment is...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The SEC filed an insider trading case this week based on three separate trading chains that netted $5 million in trading profits, all back to a New York City bank official. The Manhattan U.S. Attorney’s Office filed a...more

First-Ever "Spoofing" Conviction Upheld by the Seventh Circuit

by Clark Hill PLC on

In today's computer-driven world, trading firms use computer software to execute, at very high speed, large volumes of trades. Their trading strategies take advantage of minor discrepancies in the prices of securities or...more

Dentist, Claiming Tip Was a Rumor, Wins Insider Trading Case

by Dorsey & Whitney LLP on

A jury found Jessie Roberts, a Louisiana dentist who claimed what the government called an illegal tip was just a rumor, not guilty of insider trading. U.S. v. Roberts, No. 15-ct-00020 (M.D. La. Filed Feb19, 2015). The case...more

Government Dismisses All Charges In Benjamin Wey Securities Fraud Case After U.S. District Judge Suppresses All Evidence Obtained...

by Shearman & Sterling LLP on

On August 8, 2017, the Government moved to dismiss all charges against Benjamin Wey, the CEO of New York Global Group charged with securities fraud, wire fraud, conspiracy, and money laundering. United States District Court...more

Seventh Circuit Upholds First Spoofing Conviction Against High-Frequency Trader

by Shearman & Sterling LLP on

On August 7, 2017, the Seventh Circuit upheld the conviction of Michael Coscia, founder of Panther Energy Trading LLC, for a market manipulation tactic known as “spoofing,” under Section 6c(a)(5)(C) and 13(a)(2) of the...more

Seventh Circuit Upholds First-Ever “Spoofing” Conviction

On August 8, 2017, a three-judge panel of the US Court of Appeals for the Seventh Circuit unanimously upheld the first-ever criminal conviction of a New Jersey futures trader for the manipulative trading practice known as...more

Between Bridges: Federal Appeals Court Upholds Conviction and Sentencing of First Person Criminally Charged for Spoofing Under...

Yesterday, Michael Coscia’s criminal conviction and sentencing for spoofing was unanimously upheld by a three-judge Federal Court of Appeals panel in Chicago, Illinois....more

Former Hedge Fund Manager Gets Split Jury Verdict

by Dorsey & Whitney LLP on

Former hedge fund manager and pharmaceutical executive Martin Shkreli was acquitted on five counts and convicted on three others under an indictment centered on conspiracy and securities fraud charges tied to three firms....more

Case Note: Allen and Conti

by WilmerHale on

This case, from the U.S. Federal Appeals Court, considers the applicability of the Fifth Amendment’s privilege against self-incrimination in relation to testimony compelled by a foreign government, on the present facts the...more

FinCEN Action Demonstrates the Agency’s Ability to Use Anti-Money Laundering Laws Against Non-U.S. Entities

On Wednesday, July 27, 2017, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a $110 million fine levied against BTC-e, a digital currency exchange, for BTC-e’s alleged refusal to abide by...more

Second Circuit: Fifth Amendment Bars Testimony Compelled by Foreign Governments

by Latham & Watkins LLP on

The court vacates LIBOR convictions with significant implications for US criminal cases involving cross-border investigations. Key Points: ..The Fifth Amendment also limits the use a defendant’s statements compelled by...more

Section 2255 Petition Challenging Ineffectiveness Of Trial Counsel Denied

Last week, in Weingarten v. United States, the Second Circuit denied the Section 2255 petition of a convicted child sex offender, who claimed that his counsel had rendered ineffective assistance by failing to challenge the...more

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Cybersecurity

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