‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInFour plead not guilty to insider trading involving U.S. health agency | Reuters
A Washington, D.C. political consultant and three others pleaded not guilty on Wednesday to charges that they engaged in an insider trading scheme based on leaks from within a federal healthcare agency. Political consultant David Blaszczak, founder of Precipio Health Strategies; Christopher Worrall, most recently an employee of the U.S. Centers for Medicare and Medicaid […]
Is it the end of the road for the SFO? – Allen & Overy: Investigations Insight Blog
The Conservative Party has pledged in its manifesto to incorporate the Serious Fraud Office (SFO) into the National Crime Agency (NCA). As Home Secretary, Theresa May twice tried unsuccessfully to restructure the SFO. In 2011, she proposed sending the SFO’s investigators to the NCA and its prosecutors to the Crown Prosecution Service. In 2014, reports […]
A Defiant Leon Cooperman Calls SEC ‘Abusive’ After Settlement — NewsMax
Billionaire hedge fund manager Leon Cooperman lambasted regulators as “abusive” after he settled his insider trading case with the U.S. Securities and Exchange Commission earlier this month. The founder of Omega Advisors told CNBC Tuesday that he would have won had the case gone to trial, but that he was advised to settle because the trial […]
Steven Cohen’s Hedge-Fund Comeback Shoots for a Record Target: $20 Billion – WSJ
Steven A. Cohen is plotting a return to hedge funds with a giant number in mind: $20 billion. The billionaire trader, whose former firm pleaded guilty to criminal insider trading charges less than four years ago, wants to amass that amount as part of a new operation that is likely to launch as soon as […]
Trump budget threatens SEC’s technology spending — FT
The Trump administration is planning to eliminate a part of the Securities and Exchange Commission budget that the regulator has been using to build tools for identifying insider traders and pursuing enforcement actions. A line item buried in the proposed budget released by the White House last week would scrap a $50m annual “Reserve Fund” […]
When ‘Political Intelligence’ Meets Insider Trading – The New York Times
Proving the insider trading charges will hinge on how broadly the rules for tipping confidential information apply when there is not a clear link between the source of the information inside a government agency and the traders who received it secondhand. The government claims that Deerfield’s funds made about $3.5 million in illicit profits. via […]
SEC Chairman Plans to Hire Steven Peikin to Run Enforcement Division – WSJ
Securities and Exchange Commission Chairman Jay Clayton will hire a former prosecutor and veteran litigator from his former law firm to run enforcement at the markets regulator, according to people familiar with the matter. Steven Peikin, who has worked for years at Sullivan & Cromwell LLP where Mr. Clayton was a partner before entering government, […]
Hedge Fund Got Bananas Bonanza of Inside Information – Bloomberg Quint
The rules of insider trading are complicated. You might think it’s as simple as “don’t trade on nonpublic information you got from an insider,” but it isn’t. There are strange and subtle rules about how you can get that information, about what sorts of benefits to the insider, or friendship between you and the insider, that make […]
Former SEC Officials Say Don’t Bank on Big Regulatory Disruption | New York Law Journal
The financial industry shouldn’t expect “dramatic regulatory or legislative change” under the administration of President Donald Trump and the Republican-controlled Congress, according to White. She and Cutler said they believe that anticipated rollbacks in the regulatory regime will not be as dramatic as expected. “This isn’t going to be a, ‘Let’s just get rid of […]
Appeals Court Questions Impact of SEC Forum Challenge | Bloomberg BNA
In an oral argument that lasted nearly 90 minutes, the panel of 10 judges of the U.S. Court of Appeals for the District of Columbia Circuit repeatedly asked Gibson Dunn & Crutcher LLP’s Mark A. Perry how other federal ALJs would be affected by a ruling SEC judges were constitutionally infirm. The only question in […]