The Commission got split decisions in court this week. It prevailed in one high profile trial, obtaining a jury verdict in its favor. It lost a significant summary judgment motion regarding the statute of limitations...more
Chair Mary Jo White testified before Congress this week. Her testimony focused on the budget, reviewing the recent work of the agency. The Commission brought a series of civil injunctive and administrative proceedings this...more
5/2/2014
/ Anti-Money Laundering ,
Broker-Dealer ,
Deferred Prosecution Agreements ,
eBay ,
Enforcement ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Fraud ,
Mary Jo White ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Litigation ,
White Collar Crimes
Insider trading and fraudulent investment schemes were the focus of SEC enforcement this week. The Commission filed insider trading actions tied to the massive BP oil spill, clinical trials for a drug and the expert network...more
Former hedge fund giant SAC Capital was sentenced this week. This concluded one of the most prominent insider trading cases. Under the terms of the sentence SAC Capital will no longer accept public funds....more
The future of securities class actions may hinge on the decision of the Supreme Court in Halliburton Co. V. Erica P. John Fund, Inc., No. 13-317 which is expected to be handed down by the end of the current term on June 30,...more
The New York Attorney General secured one of the most significant market crisis settlements to date this week. The former CEO of Bank of America agreed to a three year bar from serving as an officer or director of a public...more
The Supreme Court agreed to hear another securities class action case next term. The issue to be considered is whether tolling applies to a statute of repose, Securities Act Section 13....more
3/14/2014
/ American Pipe & Construction Co. v. Utah ,
CFTC ,
Class Action ,
Enforcement Actions ,
Goldman Sachs ,
IndyMac ,
SCOTUS ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Tolling
The Supreme Court was the focus of securities litigation this week. Oral argument was presented in the long running Halliburton case where the Petitioners are seeking to rewrite the rules for bringing securities fraud class...more
Yesterday the Supreme Court heard argument in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317. The case has the potential to rewrite the rules for how securities class actions are brought. This is the concluding...more
On Wednesday, March 5, 2014 the Supreme Court heard arguments in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317. The case has the potential to rewrite the rules for how securities class actions are brought. This...more
On Wednesday, March 5, 2014 the Supreme Court will hear argument in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317. The case has the potential to rewrite the rules for how securities class actions are brought. This...more
A report by Cornerstone Research found that the number of securities class actions filed in the U.S. last year ticked up slightly. Yet that number remains below historical averages. In contrast, the number of securities cases...more
The SEC filed two civil injunctive actions this week. Once focused on an investment fraud scheme in which interests were sold in what was falsely claimed to be a motion picture production which would have A list celebrities....more
Next month the Supreme Court will hear argument in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317 for the second time. The first time the High Court held that a securities law plaintiff need not establish loss...more
The Commission prevailed after a two week jury trial in an insider trading case this week, ending a string of losses. The agency also filed two settled actions, one based on insider trading claims and another involving...more
2/14/2014
/ Australia ,
Dodd-Frank ,
Financial Industry Regulatory Authority (FINRA) ,
Foreign Corrupt Practices Act (FCPA) ,
Hong Kong ,
Insider Trading ,
Investment Adviser ,
Investment Fraud ,
Misappropriation ,
Ponzi Scheme ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Volcker Rule
The SEC prevailed in a jury trial against hedge fund manager Marlon Quan and his entities in a case tied to the massive Petters Ponzi scheme. Mr. Quan and Acorn Capital Group, LLC and Stewardship Investment Advisors, LLC...more
The SEC has lost three insider trading cases in the opening weeks of 2014. The inability to establish the source of the claimed inside information – the tipper or that it was misappropriated – is a common thread in the...more
Matthew Martoma was convicted of insider trading by a Manhattan jury. That jury found him guilty of one count of conspiracy and two counts of securities fraud. The convictions continues the unbroken string of victories in...more
2/10/2014
/ CFTC ,
Enforcement ,
Financial Industry Regulatory Authority (FINRA) ,
Hedge Funds ,
Insider Trading ,
Martoma ,
Misappropriation ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Litigation ,
Short Sales ,
Stop Order
The insider trading trial of former SAC Capital official Matthew Martoma opened this week in Manhattan with jury selection. The SEC announced the resignation of George Canellos, Co-director of the Division of Enforcement....more
1/10/2014
/ Anti-Money Laundering ,
Australia ,
Banking Sector ,
Bernie Madoff ,
CFTC ,
Compliance ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Enforcement ,
FERC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Statements ,
Foreign Corrupt Practices Act (FCPA) ,
Fraud ,
George Canellos ,
Hong Kong ,
Insider Trading ,
Investment Funds ,
JPMorgan Chase ,
Libor ,
Martoma ,
Money Laundering ,
Ponzi Scheme ,
RBS ,
SAC Capital ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Litigation ,
Short Sales ,
Suspicious Activity Reports (SARs) ,
UK
Michael Steinberg, formerly of SAC Capital, was found guilty of insider trading by a jury. The verdict preserved the unblemished record of the US Attorney’s Office in Manhattan which has prevailed in each of the insider...more
12/20/2013
/ Criminal Conspiracy ,
Criminal Prosecution ,
Enforcement Actions ,
Financial Conduct Authority (FCA) ,
Financial Industry Regulatory Authority (FINRA) ,
Hong Kong ,
Insider Trading ,
Investment Funds ,
JOBS Act ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Litigation ,
UK