Daily Archives: September 18, 2018, 1:41 pm

SEC.gov | SeaWorld and Former CEO to Pay More Than $5 Million to Settle Fraud Charges

The Securities and Exchange Commission today announced that SeaWorld Entertainment Inc. and its former CEO have agreed to pay more than $5 million to settle fraud charges for misleading investors about the impact the documentary film Blackfish had on the company’s reputation and business. SeaWorld’s former vice president of communications also agreed to settle a fraud charge for his role in misleading…

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Former SEC and FINRA Official Russ Ryan Returns to King & Spalding – King & Spalding

King & Spalding today announced that Russ Ryan has returned to the firm as a partner with the Special Matters and Government Investigations team in the Washington, D.C., office. He joins from the Financial Industry Regulatory Authority (FINRA), where he served as Senior Vice President and Deputy Chief of Enforcement. Ryan will focus primarily on advising clients in connection with…

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SEC Warns Whistleblowers to Report Concerns Promptly

On September 14, 2018, the SEC awarded more than $1.5 million to a whistleblower, an amount that was “severely reduced” due to the whistleblower’s delay in reporting and culpability in the violation. Although the order is sparse, it sends two important messages to whistleblowers: 1) report promptly; and 2) expect a significant reduction in award percentage if you are culpable in the…

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Tipping Liability in the Wake of ‘Martoma II’ | New York Law Journal

Given the government’s apparent view that “a tipper personally benefits whenever the tipper discloses confidential trading information for a non-corporate purpose,” we expect that courts will continue to wrestle with factual questions about the personal benefit requirement, and whether particular disclosures constitute a breach of a fiduciary duty. The evolving and uncertain case law in this area leave insider-trading defendants…

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