‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInFINRA Promotes Susan Schroeder to Head of Enforcement; Announces Plan to Consolidate Existing Enforcement Functions | FINRA.org
The Financial Industry Regulatory Authority (FINRA) announced today that it has promoted Susan Schroeder to Executive Vice President and Head of Enforcement. In addition, FINRA plans to consolidate its existing enforcement functions into a new, unified enforcement group led by Schroeder. This consolidation is a result of FINRA360, the organization’s ongoing comprehensive self-evaluation and improvement […]
DOJ, SEC Drop Probe Into IBM-But Without Public Explanation | Corporate Counsel
IBM said Thursday that both the U.S. Securities and Exchange Commission and the U.S. Department of Justice have closed their five-year investigations into foreign bribery allegations without taking any enforcement action against the company, and without a public announcement. Such “silent” declinations have critics asking why the DOJ sometimes releases details about some decisions to […]
Las Vegas gambler linked to golfer Phil Mickelson gets five years in prison for insider trading | SPIN.ph
A Las Vegas gambler linked to golfer Phil Mickelson was sentenced Thursday (Friday, Manila time) to five years in prison by a judge who said the businessman collected tens of millions of dollars illegally in the stock market to seem like “a winner” to himself and others. U.S. District Judge P. Kevin Castel rejected the […]
Main Street and Premium Listings – Bloomberg
I think we are up to the Seventh Law of Insider Trading. The first six are: (1) don’t do it, (2) don’t do it by buying short-dated out-of-the-money call options on undisclosed merger targets, (3) don’t text or email about it, (4) don’t do it in your mother’s account, (5) don’t do it by planting […]
SEC Issues Whistleblower Award to Federal Agency Employee for First Time | National Law Journal
The Securities and Exchange Commission on Tuesday awarded nearly $2.5 million to a government worker who helped regulators launch an investigation and eventually crack down on a company’s misconduct, the first such whistleblower bounty issued to an employee of a government agency. As is typical in these cases, the SEC offered no identifying details about the employee, […]
Ex-SEC Regulators Sean McKessy, Linda Thomsen Spar on Whistleblowing | National Law Journal
Central to the question is Dodd-Franks definition of a whistleblower as someone who brings information “to the commission.” The SEC has taken a broad view of whistleblower protections, interpreting the law to extend also to employees who only report internally. But companies, fighting to shut down the retaliation claims of fired employees, have argued the […]
Gibson Dunn Partner Takes SEC Challenge to SCOTUS | National Law Journal
After a circuit split on the constitutionality of the Securities and Exchange Commission’s in-house judges, Gibson, Dunn & Crutcher partner Mark Perry is taking the question to the U.S. Supreme Court. Perry filed a petition for writ of certiorari Friday on behalf of his client, financial investor Raymond Lucia. The petition asks the court to […]
SFO must seize this opportunity to do better | The Times & The Sunday Times
The news that the Serious Fraud Office has earned a reprieve has rightly been greeted as a positive development for UK law enforcement in its campaign against economic crime. But it is important that those in charge at the SFO are not complacent — there is plenty of room for improvement in its performance. via […]
UK: White collar prosecutions plummet even as crime rises — FT
The number of white collar prosecutions has fallen to a six-year low even though the amount of economic crime in the UK has risen over the same period, a development that could bolster arguments that a lack of resources is hampering the fight against crime. Official statistics show there were 8,304 prosecutions for financial crime […]
SEC Staff Endorses $61 Mln Award for Two JPMorgan Whistleblowers – AdvisorHub
Two whistleblowers whose outing of JPMorgan Chase’s bias toward selling wealth customers in-house funds led to the bank’s $267 million settlement with the government will receive payments equal to 23% of the award, according to a “preliminary determination” letter by SEC claim-review staffers. via SEC Staff Endorses $61 Mln Award for Two JPMorgan Whistleblowers – […]