News & Analysis as of

Securities Fraud Enforcement Actions

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Breakingviews on Broadcom’s threat to Qualcomm’s board in the form of a slate of 11 director nominees for the company it has, so far, unsuccessfully attempted to purchase....more

SEC Files Charges in PlexCoin ICO

by Goodwin on

On December 4, 2017, the Securities and Exchange Commission (the “SEC”) announced that it has filed charges against two individuals for their roles in the initial coin offering (“ICO”) of PlexCoin Tokens. The SEC charged...more

SEC Files Emergency Action to Halt Alleged ICO Scam

by Perkins Coie on

On Friday, December 1, 2017, the SEC filed an emergency action in federal district court in Brooklyn alleging that Dominic Lacroix and Sabrina Paradis-Roger, both from Quebec, Canada, raised approximately $15 million in a...more

The Numbers Don’t Lie: The SEC Pursues a More Streamlined Enforcement Agenda

One of the most eye-catching items in the recently released 2017 Annual Report of the Enforcement Division of the Securities and Exchange Commission (SEC or the Commission) is the significant decline in enforcement activity...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

More on the Saudi crackdown initiated by Crown Prince Mohammed bin Salman over the weekend, including the government’s move to confiscate and freeze more than $800 billion in assets from the detailed princes and other...more

Hedge Fund Manager Sentenced to Prison

by Dorsey & Whitney LLP on

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

SEC Charges Former Private Equity Firm Partner with Defrauding Clients

by Pepper Hamilton LLP on

In an offshoot of its enforcement action against Apollo Management L.P. (Apollo) last year, the Securities and Exchange Commission (SEC) on October 25 charged a former senior partner at Apollo with defrauding his fund clients...more

Private Equity Partner Charged For Defrauding Funds

by Dorsey & Whitney LLP on

A senior partner at private equity giant Apollo Management, L.P. was named as a defendant in a Commission enforcement action for misappropriating over $290,000 by improperly charging personal expenses to funds he managed at...more

Lorenzo's a Schemer, Not a Maker; Dissent Blasts SEC ("Not Fair," "Stinks")

by Burr & Forman on

Cut, paste and forward ? just as the boss instructed. But Lorenzo’s email to two clients was misleading, so the SEC filed an enforcement action. The ALJ held Lorenzo liable for violating anti-fraud provisions and imposed a...more

CEO, Attorney Plead Guilty to Market Manipulation

by Dorsey & Whitney LLP on

Microcap fraud has long been a focus of the Commission. The U.S. Attorney’s Office has also brought a series of criminal cases centered on market manipulation charges involving these entities....more

SEC Charges Rio Tinto, Executives With Fraud

by Dorsey & Whitney LLP on

The Commission charged mining giant Rio Tinto Plc, its subsidiary Rio Tinto Limited, and two of its executives, former CEO Thomas Albanese and former CFO Guy Elliott, with fraud. The case centers on the acquisition of a coal...more

Data Privacy + Cybersecurity Insider - October 2017 #2

by Robinson & Cole LLP on

FBI Issues Flash Alert on Apache Struts Vulnerability - The Apache Struts vulnerability has been mentioned frequently in the media over the past month, as it is believed to have been involved in one of the largest and most...more

What’s the current landscape for CFTC cryptocurrency regulation?

by Thompson Coburn LLP on

As cryptocurrencies such as Bitcoin enter the mainstream, entrepreneurs are exploring business models that may depend on compliance with regulatory constraints. This short article summarizes the cryptocurrency regulatory...more

“The cold never bothered me anyway!” SEC again uses its power to freeze an alleged EB-5 scam

Like Elsa, the Princess in Disney’s classic Frozen, once again the Securities and Exchange Commission (SEC) has utilized its power to freeze. In this case, the freezing of assets. In what has become an increasingly common...more

SEC Brings First Enforcement Action Related to Initial Coin Offerings

by Jones Day on

The Situation: Promoters of two recent initial coin offerings face charges of investor fraud brought by the SEC, after allegedly misrepresenting the assets purportedly backing the offerings, exaggerating the amount of funds...more

D.C. Circuit Applies Janus To Set Aside SEC Sanctions Against Investment Banker

by Shearman & Sterling LLP on

On September 29, 2017, a three-judge panel of the United States Court of Appeals for the D.C. Circuit (“D.C. Circuit”) overturned the Securities and Exchange Commission’s (“SEC”) determination that investment banker Frank...more

Bridging the Week - September 2017

Retail Metals Dealer and Principals Sued by CFTC for Illegal Transactions and Fraud: Monex Deposit Company and two affiliated companies (collectively, “Monex”), and Louis Cabrini and Michael Cabrini, the firms’ principals,...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

Insider trading was a key focus this week. The Commission brought three cases, one involving a doctor tipped by a friend at the company; a second involving a going private transaction were a tip from an insider to his long...more

SEC Charges Eight With Insider Trading

by Dorsey & Whitney LLP on

The difficulty with tipping chains is establishing that the key elements of insider trading were passed down the chain to those trading. In the second circuit’s Newman case, for example, the court remarked that it had never...more

Lawmakers May Not Spend Political Capital on Stand-Alone EB-5 Bill

The chances of a stand-alone EB-5 bill gaining consensus with lawmakers on Capitol Hill are low. With the GOP failing to repeal the Affordable Care Act, lawmakers may be spending time readjusting priorities in unexpected ways...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

Cybersecurity was front and center this week, with SEC Chairman Jay Clayton being grilled by a Senate Committee about the breach at the agency. The Chairman testified that the breach occurred last year and that investigations...more

SEC Continues Public Finance Enforcement Agenda Two Recent Cases Filed

Just in the last weeks of August, the Public Finance Abuse Unit of the Enforcement Division of the Securities and Exchange Commission (SEC) announced settlements of securities fraud actions involving a city, an underwriter, a...more

SEC Charges Three Market Professionals With Insider Trading

by Dorsey & Whitney LLP on

The Commission brought an insider trading case against three market professions in two different firms, an analyst and two investment bankers. The three men were charged with repeatedly trading on inside information and...more

2017 Mid-Year Cross-Border Government Investigations and Regulatory Enforcement Review

by BakerHostetler on

Welcome to BakerHostetler’s 2017 Mid-Year Cross-Border Government Investigations and Regulatory Enforcement Review. This edition delivers news, analysis and insights into key developments in the cross-border investigations...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

In the period beginning the week before the Labor Day holiday and the week following it, the Commission brought a series of actions which included three insider trading actions. One involved an attorney who used information...more

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Cybersecurity

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