News & Analysis as of

Spoofing

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

CFTC Case Updates: Settlement Highlights Agency’s New Premium on Cooperation; 7th Circuit Upholds Criminal Spoofing Conviction

On August 7, 2017, the Commodity Futures Trading Commission (CFTC or Commission) announced a settlement for a civil penalty of $600,000 with the Bank of Tokyo Mitsubishi UFJ, Ltd. (BTMU) for alleged spoofing violations, with...more

Bridging the Week - August 2017 #2

Trader’s Spoofing Conviction and Sentence Upheld by Federal Appeals Court: Last week, a three-judge Federal Court of Appeals panel in Chicago unanimously upheld Michael Coscia’s criminal conviction and sentencing for...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

TCPA Tracker - August 2017

by Kelley Drye & Warren LLP on

Recent News - FCC Imposes Potential Liability on Technology Platforms for Involvement in Unlawful Robocalls - On July 26, 2017, the FCC released the text of the Forfeiture Order adopted at the Commission’s July 2017...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

FCC Proposes $82 Million Fine for Illegally “Spoofed” Robocalls

by Hogan Lovells on

The U.S. Federal Communications Commission has adopted a Notice of Apparent Liability (“NAL”) imposing a $82 million penalty against Best Insurance Contracts (d/b/a Wilmington Insurance Quotes) and its owner/operator Philip...more

August 2017 FCC Meeting Recap: FCC Rings Up Another Spoofing Robocaller, Proposing Over $82 Million in Fines

by Kelley Drye & Warren LLP on

As part of its August 2017 Open Meeting, the Federal Communications Commission (“FCC”) issued a Notice of Apparent Liability for Forfeiture (“NAL”) proposing over $82 million in fines against Philip Roesel and the insurance...more

FCC Proposes Rules to Fight Fraudulent Robocalling

by Perkins Coie on

Unsolicited robocalls are the top consumer complaint made to the Federal Communications Commission, which receives over 200,000 complaints a year. An estimated 2.5 billion robocalls are being made to consumers each month,...more

Bridging the Week - July 2017 #3

LedgerX Approved by CFTC as First Derivatives Clearing Organization for Fully Collateralized Swap Contracts Potentially Settling in Bitcoin: On July 24, LedgerX was approved by the Commodity Futures Trading Commission as a...more

FCC Enforcement Monitor ~ July 2017

by Pillsbury - CommLawCenter on

Pillsbury’s communications lawyers have published FCC Enforcement Monitor monthly since 1999 to inform our clients of notable FCC enforcement actions against FCC license holders and others. This month’s issue...more

TCPA Connect - July 2017

Yet Another Blow to Spokeo Strategy in TCPA Cases - Consistent with the growing trend among lower federal courts, the U.S. Court of Appeals, Third Circuit recently reversed a district court order in Susinno v. Work Out...more

Court Holds Crime Policy Covers Business Compromise Email Loss

The “business compromise email” is what the FBI calls the “$5 billion scam,” but apparently an insurance company did not agree with an insured company that they had been the victim of a crime....more

AD-ttorneys@law

by BakerHostetler on

Welcome to AD-ttorneys@law, BakerHostetler’s new weekly publication focused on keeping you up to date on legal and regulatory developments in advertising, marketing and digital media. With AD-ttorneys@law, you’ll get the...more

The State AG Report Weekly Update

by Cozen O'Connor on

Republican Chess Bedsole Announces Bid for Alabama Attorney General- Chess Bedsole, who previously served as the Alabama campaign chairman for President Trump, announced his candidacy to become the Alabama AG. Bedsole is...more

Bridging the Week - July 2017

Trading Firm and Individual Trader Settle CFTC Allegations of Engaging in Wash Sales to Obtain Exchange Fee Rebates: Rosenthal Collins Capital Markets LLC (now named DV Trading LLC), a proprietary trading firm, settled...more

FCC Slams Serial Robocaller With $120 Million Proposed Fine for “Spoofing” Numbers

We all get them. Repeated marketing calls to our mobile and home phones with the incoming phone number altered to make it appear that it’s a local call, when in fact, the call is from a robo-scammer using IP technology to...more

June 2017 FCC Meeting Recap: FCC Proposes $120 Million Fine for Alleged “Spoofed Robocall Campaign”

by Kelley Drye & Warren LLP on

On June 22, 2017, the Federal Communications Commission (FCC or Commission) issued a first-of-its-kind Notice of Apparent Liability (NAL) alleging that Adrian Abramovich, through numerous companies that he owned or operated,...more

TCPA Tracker - June 2017

by Kelley Drye & Warren LLP on

D.C. Circuit Denies Request for En Banc Review of Fax Advertisement Decision On June 6, 2017, the U.S. Court of Appeals for the D.C. Circuit unanimously denied a request by a group of class action plaintiff petitioners in...more

Newest criminal spoofing case features coordinated spoofing, front running

by Thompson Coburn LLP on

On Thurs., June 1, the Justice Department entered into a plea agreement with a trader named David Liew, publicly revealing the existence of the third-ever criminal spoofing case, which had been filed under seal on Jan. 3....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

TCPA Update: FCC Seeks Guidance on Proposed Robocall-Blocking Rule

Under new Chairman Ajit Pai’s leadership, the Federal Communications Commission (the “Commission”) is taking its first steps toward reforming its rules interpreting the Telephone Consumer Protection Act (“TCPA”). On...more

The SEC Sends a Stern Reminder That It Is Serious About Punishing “Spoofing” and “Layering” Schemes in the Securities Markets

by K&L Gates LLP on

On March 10, 2017, the U.S. Securities and Exchange Commission (“SEC”) filed a civil complaint in the U.S. District Court for the Southern District of New York alleging that a Ukraine-based trading firm committed securities...more

Hackers, Keep Out!

by McManis Faulkner on

Hackers are getting more sophisticated each day. It is our job to try and stay a step ahead of them. There is always someone on the outside trying to get in. It is imperative to keep your data secure within your business...more

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Cybersecurity

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