News & Analysis as of

Spoofing

Bridging the Week - December 2017

Three CFTC-Regulated Exchanges Self-Certify Bitcoin Derivatives Contracts: On December 1, three exchanges regulated by the Commodity Futures Trading Commission self-certified new cash-settled derivatives contracts based on...more

Business Email Compromise: What It Is and What You Can Do

by Snell & Wilmer on

Business email compromise (“BEC”) is a type of cyberattack that is increasing at an alarming pace. The U.S. Federal Bureau of Investigation estimated in a May 2017 alert that global losses due to BEC scams totaled more than...more

CFTC Imposes Sanctions On A Proprietary Trading Firm For Spoofing The Market

by Shearman & Sterling LLP on

On October 10, 2017, the Commodity Futures Trading Commission (“CFTC”) filed and settled charges against Arab Global Commodities DMCC (“AGC”), a proprietary trading firm headquartered in Dubai. Specifically, the CFTC found...more

Bridging the Week - October 2017 #4

by Katten Muchin Rosenman LLP on

CFTC Issues ABC’s on Virtual Currencies – Actually the Bitcoin, Ether and Ripple: Last week, the Commodity Futures Trading Commission’s LabCFTC issued a helpful overview of digital currencies, discussing what a virtual...more

Bridging the Week - October 2017 #3

by Katten Muchin Rosenman LLP on

Proprietary Trading Firm Charged by CFTC With Spoofing Based Solely on the Alleged Wrongful Trading of One Employee: The Commodity Futures Trading Commission and the Commodity Exchange, Inc. brought and resolved charges...more

Bridging the Week - September 2017 #2

SEC Begins Proactively Suggesting Some Promoters Halt ICOs; the UK Financial Conduct Authority Joins Worldwide Regulators Saying that Digital Tokens Issued as Part of ICOs May Be Securities: Following the release of the...more

Apple X’s Face ID Feature Places Spotlight on Facial Recognition Technology, Raising Numerous Mobile Privacy and Data Usage Issues

This week’s Apple X announcement was not more than a few hours old, and the questions began to come in. Apple’s introduction of Face ID facial recognition on its new phone – although already available in some form on several...more

IRS Warns of Phishing Email Spoofing IRS and FBI

The Internal Revenue Service (IRS) has issued a warning alerting the public to a new email phishing scam that looks like a joint notice from the IRS and FBI about new tax laws....more

Telecom Carriers to Block Spoofed Calls From Reaching Consumers

by Carlton Fields on

On August 3, the FCC proposed an $82 million fine against a company and its individual owner/operator for making millions of illegally spoofed “robocalls” to consumers across the country. According to the FCC News Release,...more

Bridging the Week - August 2017 #4

Former Portfolio Manager’s Conviction for Insider Trading Upheld by Federal Appeals Court Despite Same Court’s Prior Contrary Reasoning: Last week, a three-judge panel of the federal appeals court in New York upheld the...more

CyberSecurity Concerns - Hackers, The Seventh Fleet And Human Error

by Poyner Spruill LLP on

When the USS John S. McCain collided with the tanker Alnic MC near Singapore, it was the third such collision this summer. The ship sustained damage at the waterline, flooding a crew sleeping area. Such incidents are...more

Bridging the Week - August 2017 #3

Non-US Commodity Firm Settles CFTC Allegations of Wash Trading for US $300,000 Fine: Copersucar Trading A.V.V., an Aruban corporation that engages in the import and export of sugar and related hedging activities, consented to...more

The Data Report Episode 13: We Are the Weakest Link

by Bilzin Sumberg on

Module Four: When It All Goes Wrong (Part II) Litigation attorney Jay Ward discusses how hackers use malicious tools to gain access to your systems in this episode of The Data Report. He explores the differences between...more

IRS Warns Of Resurgence Of W-2 Email Scams

by Fox Rothschild LLP on

The Internal Revenue Service has issued a renewed warning for tax professionals and businesses to beware of a recent increase in email scams targeting employee Forms W-2. According to the IRS, the W-2 scam – called business...more

First-Ever "Spoofing" Conviction Upheld by the Seventh Circuit

by Clark Hill PLC on

In today's computer-driven world, trading firms use computer software to execute, at very high speed, large volumes of trades. Their trading strategies take advantage of minor discrepancies in the prices of securities or...more

CFTC Case Updates: Settlement Highlights Agency’s New Premium on Cooperation; 7th Circuit Upholds Criminal Spoofing Conviction

On August 7, 2017, the Commodity Futures Trading Commission (CFTC or Commission) announced a settlement for a civil penalty of $600,000 with the Bank of Tokyo Mitsubishi UFJ, Ltd. (BTMU) for alleged spoofing violations, with...more

Bridging the Week - August 2017 #2

Trader’s Spoofing Conviction and Sentence Upheld by Federal Appeals Court: Last week, a three-judge Federal Court of Appeals panel in Chicago unanimously upheld Michael Coscia’s criminal conviction and sentencing for...more

Seventh Circuit Upholds First Spoofing Conviction Against High-Frequency Trader

by Shearman & Sterling LLP on

On August 7, 2017, the Seventh Circuit upheld the conviction of Michael Coscia, founder of Panther Energy Trading LLC, for a market manipulation tactic known as “spoofing,” under Section 6c(a)(5)(C) and 13(a)(2) of the...more

Seventh Circuit Upholds First-Ever “Spoofing” Conviction

On August 8, 2017, a three-judge panel of the US Court of Appeals for the Seventh Circuit unanimously upheld the first-ever criminal conviction of a New Jersey futures trader for the manipulative trading practice known as...more

TCPA Tracker - August 2017

by Kelley Drye & Warren LLP on

Recent News - FCC Imposes Potential Liability on Technology Platforms for Involvement in Unlawful Robocalls - On July 26, 2017, the FCC released the text of the Forfeiture Order adopted at the Commission’s July 2017...more

Between Bridges: Federal Appeals Court Upholds Conviction and Sentencing of First Person Criminally Charged for Spoofing Under...

Yesterday, Michael Coscia’s criminal conviction and sentencing for spoofing was unanimously upheld by a three-judge Federal Court of Appeals panel in Chicago, Illinois....more

FCC Proposes $82 Million Fine for Illegally “Spoofed” Robocalls

by Hogan Lovells on

The U.S. Federal Communications Commission has adopted a Notice of Apparent Liability (“NAL”) imposing a $82 million penalty against Best Insurance Contracts (d/b/a Wilmington Insurance Quotes) and its owner/operator Philip...more

August 2017 FCC Meeting Recap: FCC Rings Up Another Spoofing Robocaller, Proposing Over $82 Million in Fines

by Kelley Drye & Warren LLP on

As part of its August 2017 Open Meeting, the Federal Communications Commission (“FCC”) issued a Notice of Apparent Liability for Forfeiture (“NAL”) proposing over $82 million in fines against Philip Roesel and the insurance...more

FCC Proposes Rules to Fight Fraudulent Robocalling

by Perkins Coie on

Unsolicited robocalls are the top consumer complaint made to the Federal Communications Commission, which receives over 200,000 complaints a year. An estimated 2.5 billion robocalls are being made to consumers each month,...more

Bridging the Week - July 2017 #3

LedgerX Approved by CFTC as First Derivatives Clearing Organization for Fully Collateralized Swap Contracts Potentially Settling in Bitcoin: On July 24, LedgerX was approved by the Commodity Futures Trading Commission as a...more

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Cybersecurity

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