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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedIn‘Aggressive’ FINRA scrutiny expected as fines soar into multimillions | On Wall Street
A record year of FINRA enforcement activity heralds heightened scrutiny on a bevy of issues including cybersecurity, anti-money laundering policies and protection for senior clients, legal and regulatory experts caution. Analyzing the regulator’s 2016 enforcement actions, New York law firm Eversheds Sutherland found that while the total number of cases the industry regulator brought last […]
Wads of Cash to Burner Phones, Insider Trading Tops FCA Hit List – Bloomberg Quint
From wads of cash exchanged in curry houses to late night calls on untraceable phones, insider trading never fails to generate headlines. And it looks like U.K. authorities may be gearing up for a few more after opening a record number of cases last year. The Financial Conduct Authority started 70 insider-dealing investigations in 2016, more […]
A month after dismissing federal prosecutors, Justice Department does not have any U.S. attorneys in place – The Washington Post
Attorney General Jeff Sessions is making aggressive law enforcement a top priority, directing his federal prosecutors across the country to crack down on illegal immigrants and “use every tool” they have to go after violent criminals and drug traffickers. But the attorney general does not have a single U.S. attorney in place to lead his […]
PwC Annual Study Reports Record Number of Securities Suits | The D&O Diary
Largely driven by a “dramatic” increase in the number of federal court merger objection lawsuits, securities class action litigation filings rose to the highest level ever in 2016, according to PwC’s most recent annual securities litigation report. The report also noted that for the first time securities litigation rose though the stock market performance during […]
Cornerstone Research Report: SEC Enforcement Activity Strong through First Half of FY 2017
U.S. Securities and Exchange Commission enforcement activity remained elevated through the first half of fiscal year 2017, according to new research from Cornerstone Research. The data show an increase in actions involving broker-dealers, issuer reporting and disclosure, and securities offerings. According to SEC Enforcement Activity—First Half FY 2017 Update, the SEC filed 334 enforcement actions […]
Supreme Court skeptical about SEC’s powers of ‘disgorgement’ – The Washington Post
The Supreme Court indicated Tuesday that the federal government does not have the wide power it claims in pursuing the ill-gotten profits of fraudulent behavior. Justices across the board were at least skeptical of the Securities and Exchange Commission’s claim that it is not bound by a five-year statute of limitations when it seeks “disgorgement,” […]
New SEC Alums Swarm ‘Revolving Door’ to Financial, Law Firms | Big Law Business
More than half the high-ranking SEC officials who left the agency since January 2016 landed at law and financial firms, with Debevoise & Plimpton LLP leading the pack. Debevoise, private equity manager Blackstone Group LP and other firms hired 15 of the 26 Securities and Exchange Commission officials Bloomberg BNA tracked since their departures were […]
SEC suffers rare in-house loss in insider trading case – Nasdaq.com
The U.S. Securities and Exchange Commission on Tuesday suffered a rare loss before one of its own judges, who dismissed a case accusing an Atlanta real estate investor of insider trading. SEC Administrative Law Judge James Grimes found no evidence that Charles Hill gained $744,000 of illegal profit in shares of Radiant Systems Inc in […]
Supreme Court next stop in Kokesh, SEC saga – The Santa Fe New Mexican
The case revolves around whether the SEC, the government’s civil enforcement arm for securities violations, can collect refunds from violators beyond a five-year limitation for penalties set by law. The agency argues its policy on recouping money lost from investors is not a penalty assessment, and an order for Kokesh to pay $35 million, going […]
Debevoise Hires Brooklyn Prosecutor Paes | Big Law Business
Debevoise & Plimpton announced this morning that the firm has hired Winston M. Paes, a former federal Brooklyn prosecutor focused on financial fraud. He will join the firm’s New York office on Monday, a spokesperson said, and will specialize in white collar and regulatory defense work. via Debevoise Hires Brooklyn Prosecutor Paes | Big Law Business