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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInMylan to Pay $30 Million for Disclosure and Accounting Failure Relating to EpiPen
According to the SEC’s complaint, Mylan classified EpiPen as a “generic” drug under the Medicaid Drug Rebate Program, which resulted in Mylan paying much lower rebates to the government than if EpiPen had been classified as a “branded” drug. The complaint alleges that in October 2014, the Centers for Medicare and Medicaid Services (CMS) informed Mylan that EpiPen […]
Flurry of SEC Cases Disclosed – CFO
As the U.S. government heads toward its September 30 fiscal year-end, the Securities and Exchange Commission has announced a flurry of lawsuit settlements and charges against seven different organizations in two days. Three of the cases involved wrongdoing in China, and two of them involved violations of the Foreign Corrupt Practices Act (FCPA). Among the […]
White-Collar Prosecutions Down Nearly 50% Since Obama Years | The Crime Report
Federal white-collar prosecutions have declined by nearly 50 percent since the peak years of President Barak Obama’s administration, according to figures compiled by the Transactional Records Access Clearinghouse (TRAC) at Syracuse University. In the first 11 months of FY 2019,the government launched 4,973 prosecutions—most of them cases of fraud by wire, radio or television—a drop […]
SEC Commissioner Hester Peirce says digital assets could one day be ‘the money of the internet’
Peirce also noted that the SEC needs to “think about how we need to apply our enforcement resources” in the cryptocurrency space, adding that while the agency goes after fraud, they “also brought cases against people who have done offerings and didn’t register it. “”The question is where in this spectrum you fall and how […]
SEC Charges TMC Bonds With Failing to Protect Confidential Subscriber Information
The SEC’s order finds that, between at least January 2016 and June 2018, TMC Bonds publicly touted its anonymous trading platform, but, in fact, disclosed the identities of certain firms seeking to trade corporate bonds to potential counterparties over 2,500 times during a two-and-a-half year period. According to the order, these disclosures occurred because TMC […]
SEC Charges Comscore Inc. and Former CEO with Accounting and Disclosure Fraud
The SEC’s orders find, among other things, that from February 2014 through February 2016, Comscore, at the direction of its former CEO Serge Matta, entered into non-monetary transactions for the purpose of improperly increasing its reported revenue. Through these transactions, Comscore and a counterparty would negotiate and agree to exchange sets of data without any cash […]
Senators Introduce Bipartisan Legislation Strengthening Corporate Whistleblower Protections and Improving the SEC and CFTC Whistleblower Programs – Zuckerman Law
Senators Baldwin, Durbin, Ernst, and Grassley introduced S. 2529, the Whistleblower Programs Improvement Act (WPIA), which would protect corporate whistleblowers who report potential securities or commodities fraud to their employers and expedite the processing of applications for whistleblower awards at the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). This bill is […]
A former banker accused of leaking deal tips to his dad was convicted of insider trading — again – Pulse Ghana
The second time isn’t a charm for Sean Stewart. The former managing director of Perella Weinberg Partners was convicted of insider trading for leaking information to his father, on Monday. The trial was the second time Stewart’s case has been heard in court, and the second time he’s been found guilty. The jurors deliberated for […]
Fighting SEC Over Cryptocurrency, Kik Shuts Chat App – WSJ
Canadian social-media company Kik Interactive Inc., which is fighting U.S. claims that it illegally raised capital, said it would shut its messaging app and lay off most of its staff. In June, the Securities and Exchange Commission sued Kik, saying its $100 million fundraising in 2017 evaded U.S. investor-protection laws. Kik had sold its cryptocurrency, […]
SEC Charges Nissan, Former CEO, and Former Director with Fraudulently Concealing from Investors More than $140 Million of Compensation and Retirement Benefits
According to the SEC’s orders and complaint, beginning in 2004 Nissan’s board delegated to Ghosn the authority to set individual director and executive compensation levels, including his own. From 2009 until his arrest in Tokyo in November 2018, Ghosn, with substantial assistance from Kelly and subordinates at Nissan, engaged in a scheme to conceal more than $90 million […]