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Finance & Banking Civil Remedies Criminal Law

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Chris Lazarini Discusses Recoupment of Civil and Criminal Penalties under Bankruptcy Code

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini discussed a case in which the defendant – who had pleaded guilty in a criminal case to one count of fraud under the Commodity Exchange Act (CEA) and one count of money laundering,...more

SEC Charges Additional Municipal Official With Securities Fraud In Connection With Oyster Bay Loan Guarantee Scheme

by Bracewell LLP on

On March 1, 2018, the U.S. Securities and Exchange Commission (“SEC”) filed a complaint in U.S. District Court for the Eastern District of New York (“Court”) charging Leonard Genova, town attorney and deputy supervisor for...more

New Tax Law Changes Deductibility of Government Settlement Payments in False Claims Act, SEC, FINRA, and Other Types of Cases

by Foley & Lardner LLP on

The new tax law changed the deductibility of settlements with government agencies in some circumstances thereby increasing the cost to companies to settle these cases. The deduction arose from the section in the Internal...more

How Corporations Can Stay Vigilant Against Online Banking Fraud – Lessons from Recent Court Judgments

by Morgan Lewis on

Due to the general flexibility granted to banks by their standard account opening terms, corporate victims of online banking frauds often face substantial hurdles in court in their attempts to recover the sums lost from the...more

Municipal Advisor Firm and Principal Charged with Fraudulent Practices and Breach of Fiduciary Duty as SEC Continues Enforcement...

by Bracewell LLP on

The SEC charged registered municipal advisor Malachi Financial Products, Inc. and its principal Porter B. Bingham with violations of Sections 15B(a)(5) and 15B(c)(1) of the Securities Exchange Act of 1934 (“Exchange Act”) and...more

New Tax Bill Will Rewrite Rules for Deducting Disgorgement Payments to SEC

by Jones Day on

U.S. tax reform will mean new rules for deducting fines, penalties, and other amounts, including disgorgement, paid to the Securities and Exchange Commission ("SEC"). Currently, Internal Revenue Code section 162(f)...more

Second Circuit Overturns Convictions, Dismisses Indictments In LIBOR Case Due To Taint Of Testimony Compelled By Foreign...

by Shearman & Sterling LLP on

On July 19, 2017, the United States Court of Appeals for the Second Circuit overturned the convictions of Anthony Allen and Anthony Conti, former traders at Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (“Rabobank”)...more

Western Union to Pay $586 Million in Restitution and Civil Penalties for AML Compliance Failure

On January 19, 2017, Western Union Financial Services, Inc. agreed to pay civil penalties and restitution to victims of fraud totaling $586 million to resolve actions brought by the U.S. Treasury Department’s Financial Crimes...more

How Reporting a Crime May Subject You to Sanctions

by Bryan Cave on

You are a creditor and your loan is secured by personal property, let’s say equipment. The borrower recently filed for bankruptcy protection. You receive a phone call from a friend advising you that someone has a moving...more

UK Market Abuse Regime Extends Its Reach: Implications for Market Participants

by Morgan Lewis on

The new regime shares the same aims as its predecessor—to ensure the integrity of EU financial markets and enhance investor confidence—and keeps pace with market developments such as new trading platforms, new technology, and...more

FCA Enforcement Action Overview

by Reed Smith on

Reed Smith’s Enforcement Action by the FCA 2016 is a useful overview of enforcement action taken by the FCA in 2016. Enforcement action is important in terms of showing where the focus of the regulator is in terms of...more

An Important Check On The Abuse Of Government Authority

by McGuireWoods LLP on

As citizens of a nation founded on the rule of law, we depend upon law enforcement and prosecutors to protect us from harm and from those who infringe our liberty. In exchange for this protection, we permit these public...more

Retroactive Tax Law Provides Tax Benefits for Victims of Wrongful Incarceration

by Lane Powell PC on

At the end of 2015, Congress eliminated some of the uncertainty regarding the tax treatment of damages for wrongful imprisonment. Newly enacted Internal Revenue Code section 139F provides that gross income does not include...more

Fiduciaries And Beneficiaries Should Be Aware Of Criminal Statutes

by Winstead PC on

There are several criminal statutes that implicate fiduciary activities in Texas that are not well-known: misappropriation of fiduciary property and financial exploitation of the elderly. Though these may be similar in some...more

High Court Reaffirms the Broad Scope of Legal Advice Privilege

by WilmerHale on

In a High Court ruling on 5 November 2015, Mr. Justice Snowden helpfully reaffirmed the established precedent that legal advice privilege is not confined to telling the client the law: it may also attach to factual updates...more

"Phantom" Debt Collectors Actually Sued by FTC, Banned From Business

Why it matters - The operators of a scam that processed more than $5.2 million in payments from consumers for payday loans that were not owed to the operators are now banned from the debt collection business, the...more

Privy Council Clarifies When Innocent Third Parties are Liable to Victims of Fraud

by Cooley LLP on

To what extent must a bank make inquiries as to the commercial purpose of a transaction, particularly a transaction involving an offshore structure? And when is a bank liable to compensate a victim of theft for receiving...more

April 2015 Antitrust Bulletin

by McGuireWoods LLP on

The Federal Trade Commission (FTC) filed a complaint on February 19, seeking an injunction to prevent Sysco Corporation’s purchase of US Foods Inc. The FTC alleges that the deal would give Sysco too much market power in that...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The SEC filed one new action this week – an administrative proceeding involving the principal of an investment adviser and undisclosed conflicts of interest. The Commission also amended a complaint in an insider trading...more

Second Circuit Lays Out New Rules for Restitution

On February 6, 2015, the United States Court of Appeals for the Second Circuit decided an appeal, United States v. Cuti, which interpreted the restitution provisions of the Victims and Witnesses Protection Act (VWPA). The...more

Banking Disputes Quarterly - Q3 2014

by DLA Piper on

DLA Piper’s Banking & Finance Litigation team welcomes you to our quarterly round-up, designed to keep you informed of the latest news and legal developments, and to let you know about future developments that may affect your...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

As the government fiscal year drew to a close, the SEC continued what appears to be an emerging trend of filing insider trading actions as administrative proceedings rather than civil injunctive actions in Federal Court. The...more

Shadow Regulation: A Call For Judicial Oversight To DPA’s Or NPA’s

by Burr & Forman on

On August 21, 2014, the United States Department of Justice announced a record 16.65 billion dollar agreement to resolve civil claims alleged against Bank of America for improperly concealing the risks of mortgage-related...more

Ninth Circuit Holds That Loan Purchasers Are Victims Under the MVRA

The US Court of Appeals for the Ninth Circuit recently affirmed a restitution order in favor of both the originator and purchaser of two fraudulently obtained mortgages under the Mandatory Victim Restitution Act (MVRA). ...more

Last Week In Securities Litigation (Week ending August 8, 2014)

by Dorsey & Whitney LLP on

Last week the SEC brought an action this centered on hidden fees and a series of actions centered on microcap fraud and investment fund fraud. A pump and dump actions was filed centered on the manipulation of six different...more

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