‘Enforcement 40′ for 2017
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Sherrod Brown, Jeff Merkley want to block lawmakers from buying, selling stock
Two leading Senate Democrats on Thursday introduced a bill intended to prevent members of Congress from trading stocks in industries tied to their legislative work. The measure would ban members of Congress and senior staff from buying or selling individual stocks while in office. Members would also be barred from serving on any corporate boards. […]
SEC Co-Chief of Asset Management Unit Anthony Kelly Heads to Dechert in Washington, D.C.
High-ranking government official Anthony S. Kelly, former Co-Chief of the Enforcement Division’s Asset Management Unit at the Securities and Exchange Commission (SEC), has joined the Washington, D.C. office of Dechert LLP. Drawing on his experience leading the nationwide SEC enforcement unit overseeing the asset management industry, he will focus primarily on asset management enforcement and litigation as […]
S&P analyst must face insider trading charges over merger of paint makers | Reuters
A federal judge in Manhattan on Thursday rejected requests by a Standard & Poor’s credit ratings analyst and a friend to dismiss criminal insider trading charges related to the $9.3 billion merger of paint makers Sherwin-Williams Co and Valspar Corp. U.S. District Judge Jed Rakoff said the indictment’s failure to allege that the analyst Sebastian […]
Obama-era SEC official pushes Senate to rein in corporate advisory firms
Critics charge that the firms have grown too powerful as large investors like pension funds — which often own a large amount of stock in a particular company and can significantly sway a decision one way or the other — follow their advice. “The current environment creates an undue reliance on proxy advisory firms that […]
SEC and CFTC FY2018 Results: Looking Back . . . and Looking Forward – Securities Law PerspectivesSecurities Law Perspectives
Earlier this month, the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission issued their annual reports about their Divisions of Enforcement results for fiscal year 2018. Analyzing these reports is a helpful way for us to learn from the recent historical enforcement efforts by both financial regulatory agencies. Also, both reports […]
Marriott: The Case for Cybersecurity Due Diligence During M&A – Security Boulevard
In September 2016, Marriott International announced that it had completed the acquisition of Starwood Resorts & Hotels Worldwide, creating the largest hotel company in the world. In its press release, Marriott specifically touted the best-in-class loyalty program that the two brands, combined, could now offer members. What Marriott International executives didn’t realize was that hackers […]
SEC embracing analytics as tool to catch crooked traders – New England In-House
According to Smith, the SEC is moving toward an aggressive data analytics-driven enforcement regime whereby the agency is able to compile and present comprehensive trading analyses demonstrating a potential violation, prior to even opening a formal investigation against an entity. “They’re not shooting first and asking questions later, but they are coming in ready to […]
Supreme Court to decide Lorenzo v. SEC
“You now have four Democrats and four Republicans on a case that closely divided the Supreme Court in 2011,” John Coffee, securities law expert and professor of law at Columbia Law School, told Yahoo Finance. If the case ties, as Coffee suspects it will, then a lower court ruling that was largely in favor of […]
U.S. to Retry Ex-Perella Banker on Insider-Trading Charges – Bloomberg
U.S. prosecutors plan to retry a former Perella Weinberg Partners LP banker whose insider-trading conviction was reversed by an appeals court. Sean Stewart was convicted last year of tipping his father to five health-care mergers and sentenced to three years in prison. The appeals court threw out the conviction last month, ruling that the trial […]
With Plenty of Plaintiffs, Lawyers Flood the Courts Over Marriott’s Massive Breach | Law.com
Lawyers rushed to bring about a dozen class actions over Marriott’s data breach—and with about 500 million people potentially impacted, they didn’t have to go far to find a plaintiff. “There are so many people that have been potentially compromised, which means basically people could trip over a plaintiff if they just walk outside,” said […]