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You are browsing the archive for July 2009.
Spain: Prosecutors Will Appeal Court Decision Clearing Telefonica’s Alierta of Insider Trading
Spain’s anti-corruption prosecutors said today that they will appeal last week’s court decision clearing Telefonica chairman Cesar Alierta of insider trading charges. As previously discussed here, Cesar Alierta was cleared of insider trading charges on Friday of last week due to Spain’s statute of limitations laws. Reuters reports that it could take at least a [...]
August 5 Webcast – Credit Default Swaps: Recent Developments
Credit Default Swaps have received their share of attention over the past 12 months. Stripped of all the rhetoric, CDSs have been and continue to be integral risk management tools in an evolving regulatory, transactional, and litigation landscape. Please join Gene Deetz and Jeff Nielsen of Navigant Consulting and Jay Tambe and James Goldfarb of [...]
Securities Docket A.M. News Wire for July 22, 2009
TD Ameritrade Settles for $456 Million in Auction-Rate Securities Suit. http://bit.ly/c0Y0l # Dreier’s Apartment Fetches $8.2 Million at Bankruptcy Auction. http://bit.ly/13YAcF # Market value of Calpers’ assets dropped 23.4 percent for the year ended June 30. http://bit.ly/ZtioV # Judge Allows Liquidation of Madoff Feeder Funds Fairfield Sentry. http://bit.ly/13XW3Y # Rio Spy Claim Case Shows SEC [...]
Guest Column: Use of “Conscious Avoidance” Doctrine in Frederic Bourke Conviction Expands Corporate Executives’ FCPA Exposure
Guest columnists F. Joseph Warin, Michael S. Diamant and Matthew P. Hampton explain that understanding the significance of the Frederic Bourke conviction and the danger it illustrates for the unwary, starts with a simple observation: Bourke’s case was not a typical FCPA prosecution. Bourke was never accused of bribing or directing others to bribe government officials. Rather, the government charged Bourke with conspiring to violate the FCPA because he invested in an entity that he knew, or at least had every reason to know, was engaged in a scheme to bribe Azeri officials. In his closing, the prosecutor stated, Bourke “had enough understanding to know that something . . . was occurring” yet “ke[pt] his head in the sand.”
Hot Tips, Twitter and Insider Trading, Part 2
A few weeks ago I came up with a few Twitter-related insider trading hypotheticals here, and foolishly added that I would weigh in later with my own take. I later realized that the questions were, well, really hard. I take a shot at answering these way-harder-than-I thought questions in this post on my Enforcement [...]
Archived Version and Presentation Materials Available Here for July 21 Webcast — “Securities Litigation Issues Facing Institutional Investors”
The archived version of today’s webcast (”Securities Litigation Issues Facing Institutional Investors”) can be viewed below. In addition, the presentation materials from today’s webcast are now available here.
UK: SFO Announces Move Toward Self-Reporting and Negotiated Settlements
The UK’s Serious Fraud Office has confirmed that it plans, for the first time, to move towards a US-style system where businesses can self-report corruption issues and then negotiate a settlement seeking leniency. The Times Online reports that the SFO says it will use civil penalties such as fines “wherever possible” instead of criminal sanctions. [...]
Marc Dreier’s $10 Million Apartment to be Auctioned Off Today
Marc Dreier’s Manhattan apartment $10.4 million Midtown Manhattan condominium, where he recently served his “(Pent)House Arrest,” is scheduled to be auctioned at 1 pm today, along with its contents. As previously discussed here, on July 13, U.S. District Judge Jed Rakoff sentenced Marc Dreier to 20 years in prison. Dreier pleaded guilty in May to [...]
Today’s Webcast (July 21): Materials Available Here for “Securities Litigation Issues Facing Institutional Investors”
The presentation materials for today’s webcast (11 am Eastern) entitled “Securities Litigation Issues Facing Institutional Investors” are now available here. Please visit the link below to download the presentation. Materials: “Securities Litigation Issues Facing Institutional Investors”
Securities Docket A.M. News Wire for July 21, 2009
SEC Seeks to Rein In Its Own Stanford Receiver; Deutsche Bank Fires 2 Execs in Spying Probe; Former Qualcomm director of strategic marketing analysis faces insider trading charges; Australia: Lion Selection board member alleged to have engaged in insider trading; Spanish Prosecutor to Appeal Alierta Ruling; Hong Kong: Former Inv. Banker, Hedge Fund Manager Jailed After Pleading Guilty to Insider Trading; July 21 Webcast – Securities Litigation Issues Facing Institutional Investors.