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Join the Securities Litigation and Enforcement Group on LinkedInStatement on Role of Audit Committees in Financial Reporting and Key Reminders Regarding Oversight Responsibilities
As the 2019 calendar year-end financial reporting season approaches, we are providing observations and reminders on a number of potential areas of focus for audit committees. Issuers and independent auditors also should be mindful of these considerations with an eye toward ensuring that audit committees have the resources and support they need to fulfill their […]
SEC Chief Enforcement Accountant Cites The Use Of Data Analytics, Self-Disclosure And Cooperation As Key Factors In Investigating Accounting Misconduct – Corporate/Commercial Law – United States
With more than 130 highly trained enforcement accountants at his disposal, Matthew Jacques, the Chief Accountant of the Securities and Exchange Commission (“SEC”), provided a firsthand glimpse into current enforcement objectives for policing accounting and auditor misconduct. Mr. Jacques was a featured panelist at the Securities Docket annual conference at the Mayflower Hotel in Washington, […]
SAC’s Richard Lee admitted to insider trading. Then he cleared his name – SFChronicle.com
In his first interview since the case ended, Lee set out to explain why he would admit to insider trading he steadfastly denies took place. According to Lee and his lawyer, the former trader’s ordeal highlights what can happen when a busy investment professional is suddenly called to account for a handful of trades on […]
Exclusive: White House expected to nominate SEC lawyer for Democratic commissioner seat – sources – Reuters
The White House is expected to nominate Caroline Crenshaw, a Democratic attorney at the U.S. Securities and Exchange Commission, to fill an SEC seat being vacated next year by Democratic Commissioner Robert Jackson, according to three people with direct knowledge of the matter. Crenshaw currently works as an attorney in Jackson’s office. Senate Democratic Leader […]
Hit for six: the SFO obtains a sixth DPA – Lexology
The Serious Fraud Office (SFO) has announced its sixth Deferred Prosecution Agreement (DPA), entered into with Güralp Systems Limited (GSL) in October 2019. GSL is a relatively small company producing seismic measurement devices that admitted conspiring to make corrupt payments to an individual in Korea to help obtain business. It also admitted to failing to […]
UK: I’m Dreaming of a White (Collar) Christmas: 2019 in Review – Lexology
The year 2019 has been something of a mixed bag for the UK’s criminal and regulatory authorities. While the Serious Fraud Office (“SFO”) and Financial Conduct Authority (“FCA”) appear to have taken involuntary sabbaticals from successful criminal prosecutions, the National Crime Agency (“NCA”) is quietly lining the national purse with the proceeds of forfeiture orders […]
SEC Investigating BMW Over Sales Practices – WSJ
The Securities and Exchange Commission has opened an investigation into whether German luxury car maker Bayerische Motoren Werke AG manipulated sales figures, according to people familiar with the matter. The regulator is looking into whether the Munich-based auto maker engaged in a practice known as sales punching in the U.S., the people said. Sale punching […]
Halliburton Hires Baker Botts Litigation Chair as New GC | Texas Lawyer
Van Beckwith, chair of Baker Botts‘ litigation department, will depart after 30 years to become senior vice president and general counsel at Halliburton Co. on Jan. 1. *** Baker Botts partners Bridget Moore in Washington, D.C., and Danny David in Houston will succeed him as heads of the litigation department. via Halliburton Hires Baker Botts […]
Bernie Ebbers, WorldCom Chief Jailed for Fraud, Will Leave Prison Early – The New York Times
Bernard J. Ebbers, who was imprisoned in 2006 after his conviction in one of the biggest American frauds of the 20th century, will soon be free after serving a little over half of a 25-year sentence. Mr. Ebbers, also known as Bernie, was sent to federal prison after carrying out an $11 billion accounting fraud […]
SEC Approves 2020 PCAOB Budget and Accounting Support Fee
The 2020 PCAOB budget totals $284.7 million, an increase of approximately 4.0% from its 2019 budget. The accounting support fee totals $270.2 million, approximately 2.8% more than the 2019 accounting support fee, of which $239.7 million will be assessed on public companies and $30.5 million will be assessed on broker-dealers. The accounting support fee approximates […]