Spoofing

News & Analysis as of

FCC Enforcement Monitor ~ August 2016

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 includes: -...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

Bridging the Week - July 2016 #2

Michael Coscia Sentenced to Three Years’ Imprisonment for Spoofing and Commodity Fraud: Michael Coscia, the first person prosecuted and convicted under a law prohibiting spoofing that was enacted after the 2007-2008...more

Bridging the Week - June 2016 #3

SEC Overturns CBOE Determination That Individual Traders of Two Omnibus Accounts Were Customers Requiring Application of Customer Identification Rule - The Securities and Exchange Commission set aside a determination by...more

This Week In Securities Litigation

Insider trading was a key focus this week. Two actions were brought based on information secured from the FDA and CMS by former employees who were employed by and investment adviser. Another case centered on tips by a...more

Traders and Compliance Professionals Take Note: Phase One of New BIS “Global Code” Establishes “Best Practices” in the Foreign...

Limitations on Use of Confidential Information is Prominent in the New Standards Continuing Recent Enforcement Trend in the Commodities and Derivatives Markets - On May 26, 2016, the Foreign Exchange Working Group...more

Bridging the Week - May 2016 #3

Controller of FCM Named in CFTC Complaint, Along with Firm, for Failure to Timely Notify Commission of Segregation Breach: Cunningham Commodities, LLC, a futures commission merchant registered with the Commodity Futures...more

Compliance Departments Must Continue to Evolve as Regulators Refine Their Approach to Spoofing

The government’s pursuit of alleged “spoofing” continues to garner headlines with the criminal authorities recently securing a conviction in the prosecution of Michael Coscia for alleged spoofing on the Chicago Mercantile...more

Bridging the Week - May 2016

FINRA Hands Out Report Cards on Potential Spoofing and Layering: The Financial Industry Regulatory Authority said that it issued its first cross-market equities report cards aimed at helping member firms identify potential...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

Your daily dose of financial news The Brief – 4.29.16

Dealbook looks back at a crazy Thursday of healthcare company deals [with Abbott/St. Jude taking the prize for biggest] and concludes that the industry appears to be “convinced, regardless of tax benefits [or common financial...more

AOL, Dropbox and the Big “uh-oh”

A New York couple brought suit against their former law firm because it used an America Online account to transact firm business. If you are my age you probably remember that AOL and “You’ve got mail!” were the future—back...more

Phishing and Spoofing Scams — A Few Tips to Protect Yourself and Your Business

The phone rings. The caller ID says it’s your attorney’s office. When you answer, you are told you owe your attorney additional money and are directed to call a toll-free number. When you call the number, you are told how...more

Government Seeks Civil Forfeiture of Funds Stolen in Business E-Mail Fraud

On April 14, 2016, the U.S. Attorney for the Southern District of New York filed a civil forfeiture action seeking to recover nearly $100 million stolen from an unidentified U.S. company through a form of wire fraud or...more

Bridging the Week - April 2016 #2

CFTC Again Extends Deadlines for New OCR Compliance; Puts Pressure on FCM Clients Who Will Not Provide Adequate Information Regarding Trading Control - Late last week, staff of the Division of Market Oversight of the...more

CFTC Collects $2.69 Million in Spoofing Action

The CFTC announced that a federal court in New York issued a Consent Order imposing a permanent injunction against CFTC Defendants Heet Khara and Nasim Salim, residents of the United Arab Emirates (UAE), prohibiting them from...more

How Employers Can Help Prevent W-2's From Being Breached and Their Employees From Becoming Victims of ID Theft

The Internal Revenue Service issued an alert about an emerging phishing email scheme that purports to be from company executives and requests personal information on employees. The IRS has learned this scheme – part of...more

Bridging the Week - March 2016 #4

Alleged Spoofer, Blamed for Partly Causing Flash Crash, Loses UK Extradition Hearing - Navinder Sarao, the London-based futures trader who in April 2015 was sued by the Commodity Futures Trading Commission and criminally...more

Trending in 2016: Financial Fraud Predictions

Financial fraud can destroy shareholder value and seriously damage the reputations of organisations. What will 2016 hold when it comes to trends in financial fraud?...more

Bridging the Week - March 2016 #2

Federal Court Allows Former Hedge Fund Operator’s Lawsuit Alleging Civil Rights Violations to Proceed Against US Attorney and Other Government Officials: A federal court in New York City refused to dismiss a lawsuit against...more

Don’t Get Phished! Hackers Pose as CEOs to Steal Tax Information from HR and Payroll Professionals at Healthcare Organizations

Every tax season is plagued with scams to defraud individuals and companies for money from tax returns. However, this year has started off with a bang and this means that the healthcare industry has another reason to worry....more

2015 Year-End Cross-Border Government Investigations and Regulatory Enforcement Review

Globalization has connected people, companies, and products across national borders more than ever. Goods and services developed in one part of the world are readily available in other parts of the world and technology is...more

New Take on Old Phishing Scam Wreaking Havoc on HR Departments

From would-be Nigerian princes to foreign lottery officials, cybercriminals have been known to assume all sorts of false identities to carry out email phishing scams that trick unsuspecting consumers into clicking on...more

Privacy Tip #24 – IRS issues Alert to Payroll and HR Professionals about phishing scheme for W-2s

This week’s tip is for businesses, and in particular, the human resources, benefits and finance departments of all businesses. It doesn’t matter what industry you are in or where you or located. It doesn’t matter if you have...more

Highlights from the SEC Speaks — 2016 Enforcement Priorities

Senior members of the Securities and Exchange Commission’s (“SEC” or “Commission”) Division of Enforcement (“Division”) addressed the defense bar on February 19, 2016, during the Practising Law Institute’s annual “SEC Speaks”...more

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