Section 17(a)

News & Analysis as of

Profits Do Not Always Equal Disgorgement

Judge Scheindlin of the Southern District of New York recently rejected the SEC’s attempt to seek disgorgement of almost $500,000,000 from Samuel Wyly and Donald R. Miller Jr., the Independent Executor of the Will and Estate...more

Second Circuit Reverses SEC Market Timing Verdict

The Second Circuit reversed a jury verdict in favor of the SEC in a market timing case, concluding that there was no evidence to support it. Specifically, the Court found that the “SEC ultimately succumbs to its strategic...more

Doctors Settle SEC Insider Trading Charges

The Commission filed two settled insider trading cases against medical practitioners who traded while in possession of material non-public information regarding clinical trials for a drug. SEC v. Lama, Case No. 5:14-cv-00996...more

Securities Regulators Are Inspired by an Academic Article to Seek Information Regarding Order Routing

Apparently attempting to understand how broker-dealers provide best execution in the face of incentives to trade at certain exchanges, the SEC and FINRA are asking broker-dealers for extensive transaction information...more

SEC Settles Another Expert Network Insider Trading Case

The Commission filed another settled insider trading case tied to its long-running expert network investigation. This time the action traces to the source of tips regarding Nvidia Corporation, Chris Choi. SEC v. Choi...more

SEC’s Recent Admissions Case Muddies Standard

The SEC famously announced last year that it would insist upon admissions in settled cases involving egregious conduct – instead of its long-standing “neither admit nor deny” rubric. But its recent Scottrade action has the...more

Section 17(a) of the Securities Act of 1933: Unanswered Questions

In recent years, the Securities and Exchange Commission has increasingly relied on Section 17(a) of the 1933 Securities Act. Indeed, many of the cases the SEC has brought in the wake of the recent financial crisis have been...more

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