News & Analysis as of

Financial Reporting Fraud

Jones Day

Key Considerations for Internal Investigations in India Following Recent Regulatory Circular to Indian Auditors

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In Short - The Situation: On June 26, 2023, the National Financial Reporting Authority of India ("NFRA") issued a circular reminding statutory auditors in India of their obligation under Indian law to report to the Indian...more

J.S. Held

Forensic Accounting & Financial Investigations: The Layered Approach

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Taking the Layered Approach - There’s a maxim in forensic accounting that investigations take twice as long as anticipated, yet the final report appears to have taken half the time. There are progressive layers in a...more

McDermott Will & Emery

Second Circuit Sustains Fraud Claim for Not Disclosing SEC Investigation

Companies under US Securities and Exchange Commission (SEC) investigation focus on marshaling the facts, defenses and related strategies during the course of the investigation and making presentations to the enforcement...more

Winstead PC

SEC Settles Municipal Bond Fraud Case Against Texas School District and Former CFO, and Suspends External Auditor

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On March 16, the SEC filed a municipal bond fraud case against Crosby Independent School District and its former CFO in a $20 million bond offering. Crosby is a suburb of Houston, Texas. The SEC also charged the district’s...more

BCLP

No Place Like Home: Heightened risks for companies due to Covid-19 and remote working arrangements

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As the COVID-19 pandemic evolves so, too, does the threat of economic crime. Recent reports into fraud since the start of the pandemic highlight the extent of this threat but also confirm that the banking and finance industry...more

Faegre Drinker Biddle & Reath LLP

The $180 Million Chinese Coffee Case for Attempting to Manage Earnings

Last week, on December 16, 2020, Chinese-based coffee chain Luckin Coffee Inc. (“Luckin”) agreed to a $180 million settlement with the United States Securities and Exchange Commission (“SEC”). Luckin’s American Depositary...more

Fox Rothschild LLP

How To Avoid Ending Up In The Crosshairs Of The SEC In The Wake Of COVID-19

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The Securities and Exchange Commission has signaled that it expects to see an uptick in fraudulent accounting activities in the wake of the financial downturn caused by the COVID-19 pandemic. In a similar vein, the Financial...more

Robins Kaplan LLP

Financial Daily Dose 2.20.2020 | Top Story: Fed Minutes Show Central Bank Happy With Economy, Worried About Coronavirus

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Newly released minutes from the Fed’s January meeting show central bankers preoccupied with global risks, including the still-growing economic impact of the coronavirus, while still taking a wait-and-see approach to any...more

Vedder Price

Investment Services Regulatory Update - August 2017

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On August 7, 2017, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert providing a summary of the staff’s observations from sweep exams of broker-dealers, investment advisers and funds...more

Bilzin Sumberg

The 2017 Fla. Legislature Returns To CondoLand

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Once again, after a one-year hiatus, the Florida Legislature has produced several condominium bills. Typically, the Legislature passes a single condominium bill into which other approved bills have been merged. ...more

Morgan Lewis

SEC Speaks 2017

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Commission staff highlight key developments and successes in the SEC enforcement program. As they do every year, senior officials from the US Securities and Exchange Commission (SEC or the Commission), including current...more

Orrick, Herrington & Sutcliffe LLP

Recent SEC Enforcement Actions and Public Commentary Demonstrate the Commission’s Continued Focus on Internal Control Failures

We have previously written about how, over the past few years, the SEC and other regulatory agencies have devoted substantial resources to investigations regarding allegations that public companies have inadequate internal...more

Carlton Fields

Second Circuit Revives Securities Fraud Class Action Against the Manufacturer of the Keurig Coffeemaker

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Late last week, the U.S. Court of Appeals for the Second Circuit reversed the dismissal of a shareholder class action against the makers of Keurig coffeemakers and their ubiquitous “K-Cups.” In so doing, the Second Circuit...more

Morrison & Foerster LLP

SEC Annual Conference Highlights 2014 Accomplishments and Promises to Turn Up the Heat in 2015

With Chair Mary Jo White in her second year at the helm, the Securities and Exchange Commission showcased its efforts, improvements, and enforcement successes at this year’s SEC Speaks Conference. The Commission highlighted...more

Kelley Drye & Warren LLP

Corporate Governance Update – January 2015

1) SEC Grants Second Bad Actor Waiver with Conditions - On January 27th, the Securites and Exchange Commission granted Oppenheimer a bad actor waiver under Rule 506(d). ...more

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - Volume IX, Issue 10

In this issue: - FINRA Requests Comment on Proposed Rule Set for Limited Corporate Financing Brokers - SEC Issues No-Action Relief to Broker Dealers from Financial Responsibility Rule 15c3-3 Amendments -...more

Gray Reed

Gentleman’s Club Owner Hit With Fraud Penalty

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A new Tax Court decision just came out – Potter v. Commissioner, TC Memo 2014-18. The case involved a “gentleman’s club” owner in Michigan. In December 2006 IRS special agents engaged in an undercover investigation of...more

The Volkov Law Group

The Relationship Between Sarbanes-Oxley And FCPA Compliance

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Ten years ago, Sarbanes-Oxley was the focus of compliance and corporate governance reform. Sarbanes-Oxley was enacted in response to major corporate scandals involving financial reporting fraud and accounting...more

BakerHostetler

SEC Creates New Task Forces and Analytical Hub to Crack Down on Financial Reporting and Microcap Fraud

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On July 2, 2013, the U.S. Securities and Exchange Commission (SEC) announced three initiatives together with a promise to employ an increasingly proactive approach to discover fraudulent accounting and securities practices....more

Troutman Pepper

SEC Settles With The City Of Harrisburg: Case Presents A Teaching Moment For Other Municipalities

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On May 7, 2013 the Securities and Exchange Commission (SEC) and the City of Harrisburg, Pennsylvania concluded a years-long SEC investigation in a first-of-its kind settlement....more

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