‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInSEC Names Gabriel Benincasa As Its First Chief Risk Officer
The Securities and Exchange Commission today announced that Gabriel Benincasa has been named the Commission’s first Chief Risk Officer. This position was created by SEC Chairman Jay Clayton to strengthen the agency’s risk management and cybersecurity efforts. As Chief Risk Officer, Mr. Benincasa will coordinate the SEC’s continued efforts to identify, monitor, and mitigate key risks […]
Update on Scott W. Friestad Memorial Scholarship Fund
The response to the Scott W. Friestad Memorial Scholarship Fund, in honor of our dear friend and U.S. Securities and Exchange Commission colleague, has been amazing so far. Since launching in December, we’re already more than 75% of the way to achieving our goal of allowing Scott’s alma mater, University of Iowa College of Law, […]
Just a Reminder: Private Company Executives Can Be Held Liable Under the Federal Securities Laws | The D&O Diary
As the Fenwick & West law firm noted in its February 22, 2019 memo about the SEC’s and the DOJ’s actions (here), “The government’s aggressive action here is a reminder that securities regulators and law enforcement agencies are increasingly scrutinizing statements made by private companies, especially statements that create investor fervor and lead to inflated […]
Elon Musk said he doesn’t respect the SEC—he might come to regret it | Ars Technica
A federal judge has given Elon Musk until March 11 to explain why he shouldn’t be held in contempt. The Securities and Exchange Commission requested the judge’s move on Monday, arguing that a recent tweet about Tesla’s 2019 production plans was inaccurate and breached a settlement Musk signed in September. But Musk shows no sign of […]
Leading Institutional Investors Urge SEC to Take Action in Private Equity Market | Publications and Presentations | Arnold & Porter
On February 12, 2019, the Institutional Limited Partners Association (ILPA) submitted a letter to the Securities and Exchange Commission (SEC) asking the SEC to take certain steps to ensure that investment advisers in the private equity market are subject to fiduciary duty requirements. The SEC has recently focused on devising a comprehensive interpretation of the […]
SEC claim that Elon Musk in contempt of court highly unusual – Business Insider
The Securities and Exchange Commission’s (SEC) allegation that Tesla CEO Elon Musk is in contempt of the federal court that approved a settlement between Musk and the agency is highly unusual, the former SEC senior counsel Thomas Gorman told Business Insider. Being in contempt of court means either misbehaving in a courtroom or deliberately disobeying […]
Serious Fraud Office drops two major bribery investigations – Lexology
The Serious Fraud Office (SFO) has dropped its investigations into individuals at Rolls Royce PLC and GlaxoSmithKline (GSK). The decision to halt two of the agency’s most high profile probes comes at a significant juncture for the SFO. The probe into Rolls Royce was opened in late 2013 and led to a £500m Deferred Prosecution […]
Women take charge at Serious Fraud Office | Business | The Times
The Serious Fraud Office has appointed its first female general counsel, putting two women in charge of Britain’s top fraud prosecutor. The appointment of Sara Lawson, QC, a barrister who has prosecuted criminal and regulatory cases for government departments including the SFO and HM Revenue & Customs, is part of changes after Lisa Osofsky, 57, […]
Tesla’s fortunes spin after SEC says Elon Musk violated a tweet deal – GeekWire
The SEC seized on the initial tweet, and within days investigators were asking Tesla whether the tweet had been pre-approved. In court filings (which Tesla had sought to make confidential), Bradley Bondi, a lawyer for Tesla, acknowledged that the first tweet had not been specifically pre-approved. Instead, it “was intended to recapitulate the information set […]
Elon Musk’s Tweets Aren’t Making the SEC Happy | Fortune
Tesla has declined to identify the in-house lawyer who is supposed to watch over Musk’s prodigious—and legally contentious—tweeting habits. Now that the billionaire is once again courting trouble with the U.S. Securities and Exchange Commission via Twitter, the question of who, if anyone, can reel him in has taken on new urgency. “It’s the most […]