News & Analysis as of

Market Manipulation

CEO, Attorney Plead Guilty to Market Manipulation

by Dorsey & Whitney LLP on

Microcap fraud has long been a focus of the Commission. The U.S. Attorney’s Office has also brought a series of criminal cases centered on market manipulation charges involving these entities....more

[Webinar] Developments and Trends in Cross-Border Regulation and Enforcement: What You Need to Know for 2018 - October 24th,...

by BakerHostetler on

Join BakerHostetler for a complimentary webinar on trends and predictions for 2018 in the cross-border government investigations and enforcement landscape. This year has seen a marked uptick in international coordination in...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Uber’s Board of Directors has officially voted to realign the power balance at the company, reducing the clout of ousted CEO Travis Kalanick, and setting the stage for a stock sale to SoftBank. Oh yeah, and prepping for that...more

Court In FERC V. Barclays Bank PLC Interprets Statute Of Limitations Applicable To FERC Enforcement Actions

by Pierce Atwood LLP on

In Federal Energy Regulatory Commission v. Barclays Bank PLC, et al. (Barclays Bank), the U.S. District Court for the Eastern District of California (the court) has granted a motion for judgment on the pleadings of defendant...more

China’s ‘One Belt, One Road’ Initiative Creates Opportunities and Regulatory Challenges

In a time of shifting opinions on the benefits of globalization, China’s “One Belt, One Road” initiative (OBOR) offers an unexpected bright spot for multinational companies able and willing to participate in this...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

As the scandal grows, WF’s newish CEO, Timothy Sloan, faces the unfortunate reality of being a company man (30-years at Wells) when the foundations of that company are cracking....more

FERC v. City Power Marketing — The Commission’s First Enforcement Settlement Since Regaining Quorum

Matt Connolly, a senior associate in Nutter’s Litigation Department, discussed the Federal Energy Regulatory Commission (FERC) issuing its first enforcement order since regaining a quorum in Nutter Insights. Matt commented on...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Along with this week’s news that Amazon and Whole Foods are putting the finishing touches on their deal and have the government’s stamp of approval came word that as of Monday, the first official day of Amazon control, the...more

FERC Issues Order Approving Consent Agreement in City Power Marketing Case

On August 22, 2017, the Federal Energy Regulatory Commission (“FERC” or “Commission”) issued an Order Approving Stipulation and Consent Agreement with City Power Marketing, LLC (“City Power”) and its owner, K. Stephen Tsingas...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

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

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Mr. Buffett’s decided to sell his massive 10.6 million share stake in General Electric, withdrawing from the company to which he lent roughly $3 billion to help see it through the 2008 financial crisis....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

The Uncertain Future of LIBOR

by Miles & Stockbridge P.C. on

Each business day, shortly before 12:00 p.m. London time, the London Interbank Offered Rate, or LIBOR, is published. The rate, which is the average of up to 20 banks’ estimates of the interest rate at which they can borrow...more

US Second Circuit Finds Testimony Compelled by UK Regulators to be Inadmissible in Criminal Proceedings

Creating a potential new impediment for collaboration between UK and US investigators, the Court of Appeals for the Second Circuit in New York recently held that evidence derived from compelled testimony cannot be used in a...more

Southern District Decision Dismisses Commodity Exchange Act Claims Based on Morrison

The U.S. District Court in the Southern District of New York recently dismissed a class action lawsuit alleging, among other claims, that a large number of entities and individuals in the market for producing, refining and...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Uber made it official today, announcing that controversial CEO Travis Kalanick will be taking an indefinite leave of absence, though even the announcement and board commentary that followed seemed to highlight the “bad-boy...more

Supreme Court Decision on Statute of Limitations Governing SEC’s Recovery of Disgorgement Also Applies to FERC (but Practical...

On June 5, 2017, the U.S. Supreme Court, in Kokesh v. SEC, unanimously held that the Securities and Exchange Commission (SEC) cannot seek disgorgement of unjust profits obtained outside of the five-year statute of limitations...more

Bridging the Week - June 2017

Former Newbie Bank Trader Pleads Guilty to Criminal Charges and Settles CFTC Civil Charges for No Fine for Spoofing, Attempted Manipulation and Manipulation of Gold and Silver Futures: David Liew, a former junior trader...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

So what happens when traders attempt to manipulate the index that’s meant to measure fear in the stock market itself? Well, we might just be finding out. Two UT Austin researchers think that we’re seeing efforts to mess with...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Several members of healthcare hedge fund Deerfield Mgmt have been implicated in an insider-trading case over the alleged use of confidential information about gov’t financing to trade shares in affected health care companies....more

Senators Send SEC, EPA, Letter On Renewable Fuel Credit Market

by Bergeson & Campbell, P.C. on

On May 9, 2017, Senator Elizabeth Warren (D-MA), along with seven additional Democratic Senators, sent a letter to the Securities and Exchange Commission (SEC), the U.S. Environmental Protection Agency (EPA), and the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The Times gives us some insight into the opaque (but powerful) HNA Group—the Chinese entity that began with Hainan Airlines and has grown into a global investing and acquisition powerhouse that is now the largest shareholder...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

We know that China’s Didi Chuxing is powerful enough to have driven Uber out of China altogether. So what happens when Didi sets its sights outside of Chinese borders? Flush with $5.5 billion in new funding, Didi is likely...more

"Southern District Decision Highlights Challenges for Private Litigants Pursuing Manipulation Claims Under the CEA"

The U.S. District Court in the Southern District of New York recently dismissed a class action lawsuit alleging that Total, S.A., Total Gas & Power North America, Inc., and Total Gas & Power Limited (collectively, “Total”)...more

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