Speaking recently at NYU Law School, David Miller outlined his enforcement philosophy and priorities as the new head of the Commodity Futures Trading Commission’s (CFTC) Division of Enforcement (Division). While emphasizing...more
On March 17, 2026, the U.S. Securities and Exchange Commission (SEC) issued an Interpretation (the Interpretation) to clarify the application of the federal securities laws to crypto assets. At the same time, the Commodity...more
Prediction markets are online platforms where people can trade “event contacts” that settle based on the outcome of future events with a “yes” or “no” answer, including contracts based on economic indicators, financial...more
On March 10, 2026, the U.S. Department of Justice (DOJ) published its “first-ever” Department-wide Corporate Enforcement and Voluntary Self-Disclosure Policy (the “Department-wide CEP”), which will apply to all corporate...more
On February 25, 2026, the U.S. Securities and Exchange Commission (SEC) charged a credit fund adviser with negligence-based anti-fraud violations and breaches of fiduciary duty in connection with the sale of originated loans...more
On February 24, 2026, the U.S. Securities and Exchange Commission’s (SEC) Division of Enforcement published the first update to its Enforcement Manual in over eight years. The revised manual introduces notable changes to the...more
On October 28, 2025, a grand jury indicted Bradley Heppner on multiple charges, including securities fraud and wire fraud, stemming from his time as an executive of several corporate entities. During a search of Heppner’s...more
Disgorgement is a key tool in the enforcement arsenal of the U.S. Securities and Exchange Commission (SEC). It is an equitable remedy that provides the agency with the means to recover ill-gotten gains or, in some cases,...more
Prediction markets are online platforms where people can bet on the outcome of future events with a “yes” or “no” answer, including contracts based on sports, popular culture and politics. These markets have exploded in...more
On January 15, 2026, the New York State Attorney General (NYAG) filed a civil suit against the former CEO of Emergent BioSolutions Inc. (Emergent), Robert G. Kramer, alleging that his sales of company shares pursuant to a...more
Rule 206(4)-6 under the Investment Advisers Act requires a registered investment adviser with proxy voting authority to adopt policies and procedures reasonably designed to ensure that proxies are voted in clients’ best...more
The SEC charged the Advisers with four separate violations of the Investment Advisers Act of 1940 (the Advisers Act). Combined, the Advisers were described as having approximately $500 million in regulatory assets under...more
On December 22, 2025, the U.S. Securities and Exchange Commission (SEC) filed a complaint against several defendants for their roles in market manipulation schemes involving two pharmaceutical companies, Olema...more
1/28/2026
/ Biotechnology ,
Enforcement Actions ,
Insider Trading ,
Market Manipulation ,
Material Nonpublic Information ,
Pharmaceutical Industry ,
Pump and Dump ,
Rule 10b-5 ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934
On December 16, 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced an agreement with Exodus Movement, Inc. (Exodus), a provider of digital asset wallets headquartered in Omaha,...more
In early 2024, the UK Financial Conduct Authority (FCA) announced that it intended to make it easier for itself to publish the names of firms under investigation. This led to market-wide uproar as well as criticism in...more
On December 1, 2025, the Commodity Futures Trading Commission (CFTC) announced amendments to its rules of practice and rules governing investigations, with the stated goal of enhancing transparency, fairness and due process....more
On November 17, the SEC Division of Examinations (the “Division”) released its 2026 Fiscal Year Examination Priorities (the “2026 Priorities”)—the first announcement of exam priorities under Chairman Paul S. Atkins. In...more
Historically, the FCA’s position on crypto assets was consistently to repeat to consumers that “if you decide to invest in crypto then you should be prepared to lose all the money you have invested”. Suffice to say, the FCA’s...more
On September 5, 2025, the U.S. Securities and Exchange Commission (SEC) announced the creation of a Cross-Border Task Force designed to enhance the Enforcement Division’s efforts to combat fraud involving foreign companies....more
On September 4, 2025, the U.S. Securities and Exchange Commission (SEC) brought its first enforcement action under the Marketing Rule since Chair Paul Atkins was sworn in earlier this year—charging Meridian Financial, LLC...more
In two recent high-profile decisions, Chastain v. United States and Johnson v. United States, the U.S. Court of Appeals for the Second Circuit reversed wire fraud convictions that were based on theories resembling insider...more
The strong vote in the House for the CLARITY Act sends a clear message to the Senate that there is bipartisan momentum and support for digital asset market structure legislation. However, several obstacles remain. Given the...more
On June 9, 2025, the Deputy Attorney General issued a Memorandum detailing the administration’s new FCPA guidelines for all current and future investigations and enforcement actions. According to the Head of DOJ’s Criminal...more
SEC v. Nagler is the second enforcement action charging an investment adviser with undisclosed conflicts of interest since Chair Paul Atkins began his tenure on April 21, 2025. The Securities and Exchange Commission (SEC)...more
On May 12, 2025, the DOJ announced a new “white-collar enforcement plan” identifying new corporate enforcement priorities and aiming to promote greater focus, fairness and efficiency in prosecuting corporate misconduct. In a...more