News & Analysis as of

DOJ Unseals Indictment Against Individuals for Alleged Involvement in Hacks Against Various U.S. Institutions

On November 10, the DOJ unsealed an indictment against three individuals, Gery Shalon, Joshua Samuel Aaron and Ziv Orenstein, for allegedly orchestrating and committing computer hacking crimes against U.S. financial...more

Bridging the Week - November 2015 #2

Jury Convicts Michael Coscia of Commodities Fraud and Spoofing: After a seven-day trial in Chicago, Michael Coscia was convicted last week of six counts of commodities fraud and six counts of spoofing in connection with...more

FTC Joins With Federal, State and Local Authorities on Nationwide Debt Collection Enforcement Initiative

On November 4, 2015, a group of law enforcement authorities, led by the Federal Trade Commission (FTC or the Commission), announced Operation Collection Protection, a coordinated federal, state and local initiative aimed at...more

SEC Freezes Hacker’s Assets

Federal oversight related to hacking recently made headlines when a federal court in New Jersey granted the Securities and Exchange Commission’s (SEC’s) motion to freeze assets connected to a hedge fund manager accused of...more

DOJ Disables Malware Designed for Bank-Theft; Unseals Indictment Against Botnet Administrator

On October 13, the DOJ unsealed an indictment against a Moldovan citizen for his alleged involvement in a criminal conspiracy to steal confidential financial information by distributing malware software through phishing...more

Hastert Reaches Plea Deal in Anti-Money Laundering Case – Guilty Plea Expected

As I reported in a June 2, 2015 client alert, on May 28, 2015, Dennis Hastert, former Speaker of the U.S. House of Representatives, was indicted by a federal grand jury in the Northern District of Illinois. Mr. Hastert, a...more

Foreign Corrupt Practices Act 2015 Update

Despite a decline in enforcement actions by the Securities Exchange Commission (“SEC”) and the Department of Justice (“DOJ”), the first half of 2015 has continued to highlight the relevance and ever-evolving effects of the...more

FIFA Investigation Ensnares President Blatter

After months of speculation about potential legal ramifications for FIFA President Joseph (“Sepp”) Blatter, the Office of the Attorney General of Switzerland announced that Mr. Blatter is the subject of criminal proceedings...more

Variable Annuity with a No-lose Death Benefit Is Not Subject to the Statutory and Common Law Insurable Interest Requirement -...

Western Reserve Life Assurance Co. of Ohio v. ADM Associates, LLC, 116 A.3d 794 (R.I. 2015) - Case at a Glance - In a case of first impression, the Rhode Island Supreme Court held that a particular variable annuity...more

FIFA Investigation Expands In Scope; Former FIFA VP Extradited to United States

On September 14, U.S. Attorney General Loretta Lynch announced that the DOJ is expanding its FIFA investigation to pursue additional charges against individuals and companies. AG Lynch made these comments at a press...more

Unprecedented Hacking and Trading Scheme Highlights Key Cybersecurity Lessons

On Aug. 11, 2015, federal prosecutors in the District of New Jersey and the Eastern District of New York unsealed indictments against nine individuals in the U.S. and Ukraine who were allegedly involved in a five-year,...more

New York v. Aleynikov: New York State’s Penal Code (Like Federal Criminal Law) Does Not Cover Electronic Reproduction of Source...

In 2009, Sergey Aleynikov was a computer programmer employed by Goldman Sachs to write high-frequency trading code. He accepted an offer to join a new Chicago-based company, Teza Technologies. Before he left Goldman Sachs,...more

Bridging the Week - September 2015

Alleged Flash Crasher's Formal Indictment Provides More Details Regarding His Purported Spoofing - The US Department of Justice filed a formal indictment against Navinder Singh Sarao in a US federal court in Chicago on...more

DOJ uses White Collar Prosecution for Election-Season Rabble Rousing

Beating their chests and breathing fire to rouse the polity, the Department of Justice recently came out with an announcement as earth shattering as the sun rising. The DOJ proclaimed it has adopted new policies to prioritize...more

Is OSHA Going to Put You in Jail?

The answer to my admittedly provocative question is “probably not,” but recent developments demand that employers consider criminal exposure under labor laws, Including the OSHAct. My partner and fellow OSHA nerd, Ed...more

Federal Court Invalidates Mere-Conspiracy Theory of FCPA Liability

A recent federal decision has dealt a blow to the Department of Justice’s theory of accomplice liability under the Foreign Corrupt Practices Act (FCPA). In United States v. Hoskins, No. 3:12cr238, 2015 WL 4774918 (Aug. 13,...more

DOJ Announces New Policies Prioritizing Efforts to Pursue Individual Accountability for Corporate Wrongdoing

On September 9, the United States Department of Justice released a new policy memorandum entitled “Individual Accountability for Corporate Wrongdoing,” which is aimed at strengthening and prioritizing the Department’s pursuit...more

New DOJ Guidance Sharpens the Focus on Prosecuting and Suing Individuals in Corporate Criminal Investigations

On September 9, 2015, the U.S. Department of Justice (“DOJ” or the “Department”) issued a memorandum to its staff revising the principles guiding criminal and, indeed, civil enforcement in corporate criminal investigations...more

Insider Trading Hack was Cinematic in Scope

The U.S. Department of Justice announced indictments in Brooklyn and New Jersey last month of 32 people for fraudulently obtaining inside information and then using that knowledge to make millions in the market, in the...more

FCPA 2015: Enforcement Trends & Predictions

In this webinar, Thomas Fox spoke with Julie Moriarty of The Network about FCPA enforcement trends and made his own predictions for 2015. Topics covered include big-name companies and their respective corporate fines, state...more

DOJ and SEC Announce Parallel Action Against Former Investment Banking Analyst and Two Individuals for Alleged Involvement in...

On August 25, the DOJ unsealed an indictment charging three defendants each with (i) one count of conspiracy to commit securities and tender offer fraud; (ii) 13 counts of securities fraud; (iii) 13 counts of tender offer...more

Also In the News - Data, Privacy, & Security Practice Report - August 2015

King & Spalding Client Alert On Unprecedented Hacking And Trading Scheme — On August 11, 2015, prosecutors in the District of New Jersey and the Eastern District of New York unsealed indictments against several individuals...more

Check Cashing, Tax Evasion, Structuring and Asset Forfeiture; The Making of a Bad Day

The following fact pattern should is representative of a tax evasion and structuring case. A taxpayer receives checks in the ordinary course of business from customers. Some of those checks are deposited into the business...more

New Jersey Supreme Court Holds Stealing Documents to Support Discrimination Claims Can Be Prosecuted as Theft

In State v. Saavedra (A-68-13, June 23, 2015), the New Jersey Supreme Court upheld the criminal indictment of a public sector employee who stole confidential documents to support her discrimination and retaliation claims. As...more

Second Circuit Limits Government's Ability To Seize Assets Without A Warrant

In the recent decision United States v. Cosme, 14-1625-cr, a panel of the Second Circuit held that the government cannot seize and then hold a defendant's property pending the resolution of criminal charges without a judicial...more

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