‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInWhat Are the Consequences of Elon Musk’s S.E.C. Criticism? – The New York Times
Mr. Musk’s criticism of the agency appears petulant and poorly timed, given his need to have the settlement approved, but it is not the type of statement that misleads shareholders. It does indicate that he may not be as contrite as other defendants who settle with the S.E.C., however, and could violate the injunction. That […]
Ex-financial advisor Dawn Bennett found guilty in $20M Ponzi scheme case | Financial Planning
After deliberating for under five hours Wednesday, a federal jury convicted Bennett on 17 charges, including false statements on a loan application and three kinds of fraud: securities, bank and wire. The case notably had some unusual elements for a securities fraud trial. FBI agents searching Bennett’s penthouse found evidence of voodoo-type witchcraft, specifically instructions […]
SEC warns corporate cyber weakness could violate federal law | Reuters
Public companies that fail to tighten their cyber security controls could be violating federal law, the U.S. Securities and Exchange Commission (SEC) said on Tuesday. The regulator’s warning came in the form of a report on its investigation to assess whether nine companies that had been victims of cyber-related frauds had sufficient internal accounting controls […]
SEC Investigative Report: Public Companies Should Consider Cyber Threats When Implementing Internal Accounting Controls
The Securities and Exchange Commission today issued an investigative report cautioning that public companies should consider cyber threats when implementing internal accounting controls. The report is based on the SEC Enforcement Division’s investigations of nine public companies that fell victim to cyber fraud, losing millions of dollars in the process. via SEC.gov | SEC Investigative […]
Federal Judge Approves Elon Musk, Tesla Settlements With SEC – WSJ
A federal judge on Tuesday approved settlements between Elon Musk, Tesla Inc. and securities regulators over the chief executive’s August tweet saying he had secured funding to take the auto maker private. U.S. Judge Alison Nathan of the U.S. District Court for the Southern District of New York signed orders completing the two settlements without […]
SEC Does Not ‘Dictate’ Cyber Controls, Cyber Chief Says | ThinkAdvisor
Speaking on a panel at the North American Securities Administrators Association’s cyber roundtable in Washington, Cohen stated that it’s not the “SEC’s approach to dictate specific [cyber] controls” on regulated entities. “I don’t know that that’s the most effective way to ensure compliance. We do more, especially for the financial industry, through exams, to see […]
Google+ User Data Securities Lawsuits Filed Against Alphabet | The D&O Diary
Last week, the Wall Street Journal reported that this past spring Google had exposed thousands of the Google+ social network users’ private data and then opted to withhold disclosure of the incident because of concerns that doing so would attract regulatory scrutiny and harm the company’s reputation. Following the news reports, questions immediately were asked about […]
Trump push for fewer company profit reports tempered by SEC | Bloomberg News
“I don’t think quarterly reporting is going to change for our top names anytime soon,” Clayton said Thursday at an event hosted by the Bipartisan Policy Center in Washington. “It was good of the president to raise it,” he said, adding that it could make sense to ease the requirements for smaller companies. via Trump […]
Rep. Chris Collins Will Face Trial In 2020
New York Rep. Chris Collins, who faces insider trading charges stemming from his investment in an Australian biotech company, will get his day in court on Feb. 3, 2020. Assistant U.S. Attorney Scott Hartman repeatedly asked to move up the trial date, stating there is a “strong public interest in seeing this case resolved in […]
Former SEC Counsel Joins Cahill | Cahill Gordon & Reindel LLP
Cahill Gordon & Reindel LLP is pleased to announce that C. Wallace DeWitt, most recently senior counsel to Commissioner Michael S. Piwowar of the Securities and Exchange Commission (“SEC”), joined as a Counsel in its securities and regulatory enforcement practice. via Former SEC Counsel Joins Cahill | Cahill Gordon & Reindel LLP.