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SEC Claims Individual, Firm Engaged In Unregistered Dealer Business

The Commission’s recently released report on the Enforcement Division identified retail investors and cyber as key areas of emphasis for Enforcement under Chairman Clayton. Examples of the retail focus are actions involving...more

SEC Enforcement: Another Look At Last Fiscal Year

The SEC published its statistics for the last fiscal year in a glossy report centered on a discussion of the new retail/cyber focus of the Enforcement Division. Statistics are not the sole measure of success the agency...more

This Week In Securities Litigation

The Commission published a report on the new focus of the Enforcement Division, listing key priorities as cases involving retail customers and cyber issues. Groups have been established within the Division to focus on each of...more

SEC Enforcement: A New Approach – A Year in Statistics

The SEC reiterated the new retail investor/cyber focus for its Enforcement Division while publishing the statistics for the Division’s work for the last fiscal year. The report attempts to put a group of statistics showing...more

Consultant, Long Time Friend Settle SEC Insider Trading Charges

SEC Enforcement is shifting focus to consumers and cyber-security according to the Chairman. Whether that marks the end of “broken windows” and many of the programs the approach spawned is yet to be seen. Regardless, insider...more

SEC Charges Wells Fargo With Failing to File SARs

The Commission has an on-going program monitoring whether broker-dealers timely file suspicious activity reports or SARS with the Financial Crimes Network or FinCEN. Its most recent case in this area focused on the failure of...more

This Week In Securities Litigation

The DOJ unsealed criminal charges against five individuals involved in the Rolls-Royce FCPA action previously brought by the DOJ, SFO and Brazilian authorities. The charges were filed in the Southern District of Ohio. Each...more

Day Trader Charged in Computer Hacking Scheme

Two key areas of focus for the SEC are retail investors and cyber. Both of those elements are present in the latest case filed by the U.S. Attorney’s Office for the Eastern District of New York which parallels a previously...more

Hedge Fund Manager Sentenced to Prison

A claimed hedge fund manager was sentenced to prison after pleading guilty to conspiracy to commit securities and wire fraud. Defendant Nicholas Mitsakos founded Matrix Capital, a California state registered investment fund...more

Former CFO Pleads Guilty To Lying To Auditors

Former Osiris Therapeutics, Inc. CFO Philip Jacoby pleaded guilty to criminal charges stemming from the financial fraud at the company. U.S. v. Jacoby, No. 1:17-cr-00676 (S.D.N.Y. Filed Nov. 2, 2017). The charge on which the...more

Company, Officers Litigating Financial Fraud Action With SEC

While retail customers and cyber may be key areas for a refocused SEC enforcement program, financial fraud remains a critical and important area of concentration. This focus is will illustrated by the recent action filed...more

This Week In Securities Litigation

The Commission’s focus on retail investors is reflected in cases filed this week. One involved the manipulation of securities prices by gaining unauthorized access to retail accounts and then trading securities....more

Dorsey Anti-Corruption Digest - November 2017

Massachusetts-based Alere Inc. will pay $13 million to settle charges alleging that the company bribed foreign officials and engaged in an accounting fraud, according to a Securities and Exchange Commission (SEC) Cease and...more

SEC Settles Insider Trading Case With Petroleum Engineer

While the focus for the Commission may be retail investors and cyber, insider trading will no doubt continue to be a key concern. This is reflected in the action brought yesterday against an petroleum engineer who profited...more

SEC Files Fraud Charges Centered on Retail Accounts

Last week the co-director of SEC Enforcement discussed the Retail Strategy Task Force which will focus on the protection of retail investors. This week the Commission announced a case involving the intrusion into at least 110...more

SEC Sanctions UBS Re Sales Practices

The Commission has brought a series of cases involving investment advisers, broker-dealers and the fees charges to clients. Typically the clients are disadvantaged by not being informed about or given the opportunity to...more

This Week In Securities Litigation

In the U.K. three F.H. Bertling executives were sentenced on corruption charges. An HSBC senior executive based in London was convicted by a New York jury for front running a client in the currency markets....more

Lessons From the Market Place: The Importance of Compliance

An effective program is a key corporate function of increasing importance. It can be a competitive advantage, creating a tone of excellence which permeates the firm’s culture, products, services and customer relations....more

Private Equity Partner Charged For Defrauding Funds

A senior partner at private equity giant Apollo Management, L.P. was named as a defendant in a Commission enforcement action for misappropriating over $290,000 by improperly charging personal expenses to funds he managed at...more

HSBC Trader Found Guilty in Front Running Scheme

The former head of global foreign exchange cash trading for HSBC Bank plc was convicted of “front running” in the foreign exchange markets by a jury after a four week trial. A key part of the evidence heard by the jury were...more

The Impact of Kokesh On FINRA Remedies

Kokesh v. SEC, 137 S.Ct. 1635 (June 5, 2017) held that the statute of limitations in Section 2462 of Title 28 applies to requests for disgorgement by the Commission. Those payments constitute a penalty within the meaning of...more

This Week In Securities Litigation

The Supreme Court removed Leidos from its argument document this week. The case, which focused on a question regarding the scope of Section 10(b) in a securities class action, was scheduled for argument next month. The...more

CEO, Attorney Plead Guilty to Market Manipulation

Microcap fraud has long been a focus of the Commission. The U.S. Attorney’s Office has also brought a series of criminal cases centered on market manipulation charges involving these entities....more

SEC Charges Rio Tinto, Executives With Fraud

The Commission charged mining giant Rio Tinto Plc, its subsidiary Rio Tinto Limited, and two of its executives, former CEO Thomas Albanese and former CFO Guy Elliott, with fraud. The case centers on the acquisition of a coal...more

SEC Charges Firm, Officers Re False Statements in Private Offerings

The Commission has long focused on microcap frauds, repeatedly brining cases in this area. It has also focused in recent years on offering fraud actions, filing a string of cases....more

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