Market Manipulation Securities & Exchange Commission

News & Analysis as of

Your daily dose of financial news - The Brief – 9.22.16

As most expected, the Fed held rates steady yesterday. Though its divided FOMC and Chair Yellen’s comments about an improving economy seem to portend a rate hike before the end of the year....more

Your daily dose of financial news - The Brief – 8.30.16

And after all the sturm und drang surrounding the Hershey Trust and the Mondelez buyout offer over these past few months . . .  it’s over.  Mondelez announced yesterday that it’s no longer seeking to acquire the Hershey...more

SEC Overrules Its Own Administrative Law Judge to Clear Customer of Fraud Charges

In a rare reversal of its own administrative law judge in the Matter of optionsXpress, the full Securities and Exchange Commission unanimously held that the SEC’s Enforcement Division had not met its burden of proof that the...more

Trading and Markets Enforcement Report - August 2016

The last several years have seen law enforcement and regulatory bodies sharpen their focus on trading activity in the securities and derivatives markets. This focus has coincided with the advent of new and expanded reporting,...more

Your daily dose of financial news - The Brief – 7.11.16

A putative class action filed last week is accusing 25 prominent banks—including Deutsche Bank, Goldman Sachs, and Barclays—of “conspiring to rig the market for securities” sold by the US Treasury in their roles as primary...more

Your daily dose of financial news The Brief – 6.6.16

Some thoughts about why the relatively dismal May employment numbers (just 38k jobs added) isn’t really as bad as it would seem on first glance...more

This Week In Securities Litigation

In a holiday shortened week the Commission brought actions centered on: a transfer agent and one of its owners who conducted a fraudulent offering for another company and then sold unregistered shares into the market; a...more

SEC – A Computer and Twenty-Seven Minutes To Profit

The SEC’s latest stock manipulation case might be titled “How to make (almost) over $400,000 in just 27 minutes.” The key is to use Williams Act filings not to alert the market and issuer to a potential take-over but to fake...more

After Manipulating 40 Stocks, Caught On A Wire Tap

Gregg Mulholland pleaded guilty to charges based the manipulation of the securities of 40 different firms over a four year period, beginning in 2010. The manipulations yielded over $250 million in trading profits which were...more

This Week In Securities Litigation

The SEC requested comment on the development of a consolidated audit trail this week, a concept long discussed. The audit trail would enable regulators to track trading activity in the U.S. markets. Enforcement initiated...more

SEC Complaint: How To Create A Manipulation Vehicle

Microcap fraud has long been a focus of SEC enforcement. Many of the cases start with a public shell followed by a reverse merger in which the promoters end up with large portions of the stock. The transaction culminated with...more

This Week In Securities Litigation

The Commission prevailed at trial in a market manipulation case. The trial followed a series of settlements and a grant of summary judgment in the Commission’s favor as to one defendant. The remaining defendant, a former NFL...more

This Week In Securities Litigation

The Commission prevailed on a summary judgment motion this week in a case based on an offering fraud. It also filed another settled FCPA action centered on gifts, travel and entertainment provided to healthcare professionals...more

SEC Partially Settles Pump-and-Dump Manipulation Case

Pump- and-dump schemes keyed to microcap stocks seem to be the flavor of the week. On Friday the mastermind of an international market manipulation scheme was sentenced to serve 18 years in prison. U.S. v. Gallison,...more

Leader of International Pump-and-Dump Sentenced to 216 Months

The man who orchestrated a large international microcap market manipulation involving at least 34 persons was sentenced to serve 216 months in prison after pleading guilty. Harold Gallison, pleaded guilty to two counts of...more

Corporate Investigations & White Collar Defense - February 2016

Eye on the Courts—Recent Opinions and Rulings of Note - Why it matters: From a white collar and securities fraud standpoint, there has been a lot of noteworthy activity in the courts of late. The Supreme Court granted...more

Bridging the Week - January 2016 #4

Kraft Foods Seeks to Appeal Trial Court Ruling on CFTC Manipulation Theories: Kraft Foods Group, Inc. and Mondelez Global LLC requested permission from the federal court hearing the enforcement action by the Commodity Futures...more

The CFTC, SEC and Market Manipulation

Open market manipulation cases present difficult issues regarding what constitutes market manipulation. Regulators, such as the SEC, CFTC and FERC, tend to focus on the element of intent. Defendants frequently argue that the...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

This Week In Securities Litigation

The DOJ reiterated its Yates policy this week under which cooperation credit is conditioned on furnishing the Department with the identity of individuals involved in corporate wrongdoing. Officials also noted that part of...more

Your daily dose of financial news The Brief – 11.19.15

NY state regulators have tagged Barclays with an extra $150 million in fines for its role in a Forex-manipulation scandal that’s already cost the bank $2.4 billion – NYTimes and Law360... As expected, the minutes from...more

Our Modern Markets: SEC Enforcement Focuses On Market Structure In Response To Rapidly-Changing Equity Markets

On Monday, November 2, 2015, Andrew Ceresney, Director of the SEC’s Division of Enforcement, gave a speech at the SIFMA Compliance & Legal Society New York Regional Seminar in which he sought to address what he views as the...more

SEC Director of the Division of Enforcement Discusses Market Structure Enforcement

On November 2, 2015, the Director of the SEC Division of Enforcement Andrew Ceresney spoke at the “SIFMA Compliance & Legal Society New York Regional Seminar” and outlined the SEC’s enforcement priorities with respect to...more

Cross-Border Investigations Update - November 2015

This issue of Skadden’s semiannual Cross-Border Investigations Update takes a close look at recent cases and enforcement trends, including developments in U.S. Foreign Corrupt Practices Act enforcement; the introduction of...more

Governance & Securities Law Focus: Asia Edition, October 2015

In this newsletter, we provide a snapshot of the principal US, European and selected international governance and securities law developments of interest to Asian corporates and financial institutions. Please see full...more

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