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Finance & Banking Securities Criminal Law

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SEC Settles FCPA Books and Records and Internal Controls Action

by Dorsey & Whitney LLP on

The SEC moved past virtual currencies for the moment, returning to a long established staple – the Foreign Corrupt Practices Act. The Commission filed a settled books and records action involving an Israeli based firm whose...more

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

This Week In Securities Litigation

by Dorsey & Whitney LLP on

Virtual currencies were front and center again this week. The SEC’s Divisions of Enforcement and Trading and Markets issued a rare joint statement cautioning investors about trading virtual currencies....more

Financial Regulatory Developments Focus - March 2018

by Shearman & Sterling LLP on

In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...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

Crypto-Crime: The SEC and DOJ Go After BitFunder and Its BitFounder

Taking further steps into the world of cryptocurrency, two entities of the federal government recently took legal action against BitFunder, a now-defunct Bitcoin exchange, and its founder, Jon Montroll. The Securities and...more

The DOJ’s New Officially Unofficial Policy May Enable Federally Regulated Business to Avoid Criminal Charges

Last November, Deputy Attorney General Rod Rosenstein announced a new enforcement policy. Under the new policy, businesses subject to the Foreign Corrupt Practices Act (“FCPA”) may avoid criminal liability by self-reporting...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission filed a series of cases this week which included: an action against a town attorney involved in 26 muni bond offerings in which critical financial information was concealed; another action involving a...more

SEC Sanctions Adviser Who Secured False Morningstar Star Rating

by Dorsey & Whitney LLP on

The Commission’s focus on retail investors turned to an unregistered investment adviser who marketed shares in two unregistered investment funds. While the marketing was done by using misrepresentations coupled with omissions...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

Episode 26 — Federal Reserve Blocks Wells Fargo Growth In Response to Governance and Risk Management Disaster

by Michael Volkov on

In an unprecedented action, on February 2, 2018, the Federal Reserve restricted Wells Fargo's ability to grow its business until it implements comprehensive improvements to its board governance and risk and compliance...more

2017 in Review: ERISA guidance and enforcement

In 2017, the principal focus in the administration of the Employee Retirement Income Security Act of 1974, as amended (ERISA), by the Department of Labor (DOL) appropriately remained one of the extraordinary developments...more

Episode 25 -- Unraveling the KPMG Audit Scandal

by Michael Volkov on

In January 2018, the Department of Justice and the Securities and Exchange Commission announced criminal and civil charges against five KPMG and a Public Company Accounting Oversight Board employee arising from sharing of...more

The Need for Corporate Board Reform

by Michael Volkov on

The growth in ethics and compliance has had a dramatic impact on corporate actors, including the CEO, chief compliance officers, internal audit and chief financial officers. The corporate board's role in compliance continues...more

US DOJ, Commodity Futures Trading Commission Charge Three Banks and Multiple Individuals in Spoofing Schemes

by Shearman & Sterling LLP on

The US Department of Justice and Commodity Futures Trading Commission announced enforcement actions against three banks and multiple individuals involved in alleged commodities fraud and spoofing schemes....more

More news bout Vantage Benefits

by Ary Rosenbaum on

Since the FBI closed down Vantage Benefits on November 1, we haven’t heard much. Here is an update: MBA Engineering, Inc filed sued against Vantage Benefits, Jeff Richie and his wife, Wendy Richie, for the...more

CFTC and DOJ File a Flurry of Spoofing Actions

On January 29, 2018, the Commodity Futures Trading Commission (CFTC) announced the filing of eight anti-spoofing enforcement actions: three settlements with financial institutions and five complaints filed in federal district...more

Bridging the Week - February 2018

CFTC Names Four Banking Organization Companies, a Trading Software Design Company and Six Individuals in Spoofing-Related Cases; the Same Six Individuals Criminally Charged Plus Two More: On January 29, the Commodity Futures...more

Rise of Blockchain and ICOs Brings Regulatory Scrutiny

In 2017, the increased adoption of blockchain technology in various industries was partially obscured by the dramatic fluctuations in the price of bitcoins and the prevalence of so-called initial coin offerings (ICOs) to...more

SEC Charges Two Advisers With Fraud Tied to Retail Investors

by Dorsey & Whitney LLP on

The Commission filed another action centered on retail investors. In this case two employees of a well known Financial Institution took advantage of firm clients over a period of three years, defrauding them of thousands of...more

Corporate Anticorruption Compliance Programs: Ten Questions Every Board Director Should Ask

by Jones Day on

The United States Department of Justice, the U.S. Securities and Exchange Commission, and non-U.S. governments and agencies have recently emphasized their continued commitments to pursuing both corporate and individual...more

Blockchain Week in Review – January 2018

by Perkins Coie on

U.S. Developments - Regulatory Updates - CFTC and SEC Enforcement Directors Issue Joint Statement Regarding Virtual Currency Enforcement Actions - This morning, the Enforcement Director of the U.S. Commodity...more

CFTC Flexes Its Regulatory Muscle in a Case Involving a Virtual Currency

by Perkins Coie on

Just like the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) is actively policing the virtual currency market. On January 24, 2018, the CFTC announced an enforcement action against...more

DOJ, CFTC File Series of Criminal And Civil Spoofing Cases

by Dorsey & Whitney LLP on

The Department of Justice filed six criminal spoofing cases, its largest criminal futures market case. The Commodity Futures Trading Commission simultaneously announced eight spoofing case, five of which parallel the DOJ...more

Day 29 of 31 Days to a More Effective Compliance Program

by Thomas Fox on

One new and different item was laid out in the Evaluation of Corporate Compliance Program, supplementing the Ten Hallmarks of an Effective Compliance Program from the 2012 FCPA Guidance. This was the performance of a root...more

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