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SEC Charges Firm, CEO and CFO In Corporate Perks Action

The Commission charged a firm and its former CEO and CFO in actions centered on the improper payment of expenses facilitated by inadequate internal corporate controls. In the Matter of Provectus Biopharmaceuticals, Inc., Adm....more

SEC Suffers Loss in Insider Trading Case

The SEC lost an insider trading case last week against the CEO of Delta Petroleum, Roger Parker. SEC v. Parker, Civil Action No. 1:12-cv-02839 (D. Col.). The complaint centered on to allegations of illegal tipping in two...more

This Week In Securities Litigation

The DOJ announced the formalization of a new FCPA cooperation policy built on the success of its Pilot Program. That program resulted in a significant increase in firm’s self-reporting and cooperating, the goal of the new...more

Dorsey Anti-Corruption Digest - December 2017

Deputy Attorney General Rod Rosenstein announced the addition of a new Department of Justice (DOJ) Foreign Corrupt Practices Act (FCPA) policy, titled the FCPA Corporate Enforcement Policy. The new policy, which was...more

Examples of the SEC’s New Focus on Retail Customers and Cyber

The Commission’s Enforcement Division under Chairman Clayton is focusing on retail investors and cyber. Two actions brought over the last two business days serve to highlight this focus, including the first brought by the new...more

DOJ Announces New FCPA Cooperation Policy

The Department of Justice announced a revised FCPA Corporate Enforcement Policy. The new policy, designed to enable the DOJ to efficiently identify and punish criminal conduct while encouraging voluntary disclosures of wrong...more

This Week In Securities Litigation

The Commission entered an order formally appointing its ALJs under the Constitution’s Appointments Clause. In entering the order the agency moved to end the debate over the application of the clause regarding its ALJs. ...more

The Arguments in Digital Realty: A Glimpse of Future Battles

The Supreme Court heard argument in Digital Realty Trust, Inc. v. Paul Somers, No. 16-1276. The case centers on the question of who is a whistleblower and entitled to the protections of the Dodd-Frank anti-retaliation...more

CFTC Enforcement Actions Declined In 2017

The CFTC announced its enforcement results for fiscal 2017. During the last fiscal year the agency brought 49 enforcement related actions centered on manipulation, spoofing and other charges. ...more

This Week In Securities Litigation

A new report by Cornerstone Research and the NYU Pollack Center shows a significant drop in the number of SEC enforcement cases in the second half of the last Government fiscal year, attributable to the change in...more

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

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