News & Analysis as of

Securities Fraud

Anti-Money Laundering Update: FinCEN Makes Small Texas Bank Pay Big Fine

by Bass, Berry & Sims PLC on

This Post at a Glance: - FinCEN imposes $2 million penalty against community bank - Bank failed to conduct appropriate due diligence related to Mexican customer - Small banks, other financial institutions...more

Chris Lazarini Discusses Pro Rata Distribution of Assets in Receiver Case

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini discussed a case involving the repercussions of the multi-billion dollar Ponzi scheme of Thomas Petters related to the management of the Stewardship Credit Arbitrage Fund, LLC...more

Bridging the Week - November 2017

by Katten Muchin Rosenman LLP on

Backers of Tezos Initial Coin Offering Named in Prospective Class Action Litigation: On October 25, the promoters of a highly successful initial coin offering to support development of the Tezos blockchain project and other...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

AT&T’s chief is weighing in the DOJ’s call to sell CNN in order to make its deal with Time Warner go through, and, as Randall sees it, “selling CNN makes no sense”....more

Day Trader Charged in Computer Hacking Scheme

by Dorsey & Whitney LLP on

Two key areas of focus for the SEC are retail investors and cyber. Both of those elements are present in the latest case filed by the U.S. Attorney’s Office for the Eastern District of New York which parallels a previously...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

Blockchain Week in Review – October #8

by Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...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

The Southern District Of California Allows Shareholder Securities Fraud Class Action To Proceed In Part

by Shearman & Sterling LLP on

On October 20, 2017, Judge Michael M. Anello of the United States District Court for the Southern District of California denied in part and granted in part a motion to dismiss brought by Qualcomm, Inc. (the “Company”), its...more

The Southern District Of California Allows Shareholder Securities Fraud Class Action To Proceed In Part

by Shearman & Sterling LLP on

On October 20, 2017, Judge Michael M. Anello of the United States District Court for the Southern District of California denied in part and granted in part a motion to dismiss brought by Qualcomm, Inc. (the “Company”), its...more

Initial Coin Offerings (ICOs): The Current State of Play

The ICO boom in 2017 brings with it questions of jurisdiction and compliance, and a need for further guidance - The benefits of ICOs in raising capital, as well as in providing a marketing push for a new business model,...more

Federal Agent’s Misrepresentation in LG Search Warrant Affidavit Insufficient to Clear Qualified Immunity Hurdle

In Ganek v. Leibowitz, No. 16-1463 (2d Cir. Oct. 17, 2017) (Raggi, Chin, Carney), the Second Circuit reversed and remanded a district court’s determination that federal law enforcement authorities were not entitled to...more

Bridging the Week - October 2017 #5

UK-Based Subsidiary of US Bank Fined UK £34.5 Million for Not Reporting Certain Derivatives Transactions As Required: UK-based Merrill Lynch International consented to the imposition of a fine of £34.5 million (the equivalent...more

Western District Of Washington Dismisses Securities Fraud Class Action With Leave To Amend, Finding Plaintiff Failed To Adequately...

by Shearman & Sterling LLP on

On October 18, 2017, Judge Ricardo S. Martinez of the United States District Court for the Western District of Washington dismissed with leave to amend a consolidated amended complaint asserting violations of Sections 10(b)...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

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Old-school retailer Lord & Taylor has reached a deal with WeWork to sell its landmark New York flagship store for $850 million. L&T will continue on with a greatly decreased department store footprint in the space, but the...more

S.D. Fla. Refuses To Dismiss SOX and Dodd-Frank Whistleblower Claims

The Southern District of Florida recently denied a Rule 12(b)(6) motion to dismiss a former employee’s Sarbanes-Oxley and Dodd-Frank whistleblower retaliation claims, finding that the plaintiff sufficiently alleged that she...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

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Lyft, armed with a fresh billion from Google’s venture investment arm (CapitalG), is looking seriously at a 2018 IPO. The CapG money raises Lyft’s valuation from $6.9 billion to more than $10 billion....more

A Review of Recent Whistleblower Developments

by Foley & Lardner LLP on

...On July 25, 2017, the U.S. Securities and Exchange Commission (SEC) announced it was awarding nearly $2.5 million to a government employee who tipped off the SEC to a company’s wrongdoing. Although the SEC does not...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

Conditional Optimism or Securities Fraud? Appellate Court Affirms Dismissal of Class Action against Biopharmaceutical Company;...

by Arnall Golden Gregory LLP on

On August 22, 2017, the United States Court of Appeals for the First Circuit (the “Court”) affirmed the dismissal of a securities fraud class action against Sarepta Therapeutics, Inc. (the “Company”), a biopharmaceutical...more

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Cybersecurity

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