‘Enforcement 40’ for 2020
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Japan: SESC to Pursue Record Penalty of 20 Million Yen in Insider Trading Case
The Yomiuri Shimbun reports that Japan’s Securities and Exchange Surveillance Commission will pursue a record-high penalty of 20 million yen against an employee of a Tokyo-based IT company who allegedly committed insider trading. The article states that the SESC will urge the Financial Service Agency to issue the company employee with an order — on […]
Convicted Insider Trader David Pajcin May Have Left Country in Violation of Probation
David Pajcin, a former Goldman Sachs analyst and one of the leaders of an elaborate insider trading scheme that led to the conviction of six men, may have left the country in violation of his probation, Bloomberg reports Pajcin and Eugene Plotkin famously traded on leaks from a Merrill Lynch analyst and created an elaborate […]
Stuart Kaswell to Join Managed Funds Association as EVP and General Counsel
Stuart J. Kaswell, now a partner in Bryan Cave’s DC office, will join the Managed Funds Association on December 1 as executive vice president and general counsel. MFA is a trade association of the hedge fund industry. Kaswell, a former branch chief with the SEC, focused his practice at Bryan Cave on white-collar defense and […]
More on Deloitte v. Thomas P. Flanagan: Copy of Complaint
As discussed here previously, in a complaint dated October 29, 2008 and filed in Delaware Chancery Court, Deloitte sued Thomas P. Flanagan, a 30-year partner in the firm, for allegedly trading on inside information he received from audits and lying about it for years. The Complaint was first reported by Courthouse News, which has also […]
Reserve’s Primary Fund Returns Some Funds to Investors, Puts SEC in Middle of Dispute
In mid-September, Reserve Management Co. was the subject of numerous lawsuits (discussed here) after its Primary Fund became the first money-market mutual fund to ever expose retail clients to losses by “breaking the buck.” Although not guaranteed, money-market mutual funds shares historically remain at $1.00 per share. The Primary Fund and others funds of Reserve […]