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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInRepublican SEC Commissioner Roisman to Leave Agency – WSJ
Securities and Exchange Commission member Elad Roisman plans to leave the market regulator by the end of January, giving Democrats a bigger majority at an agency pursuing an ambitious and sometimes politically divisive policy agenda. Source: Republican SEC Commissioner Roisman to Leave Agency – WSJ
Elizabeth Holmes ‘chose fraud over business failure,’ prosecutors argue as verdict looms
The Feds made their final push to put Elizabeth Holmes behind bars on Thursday, telling jurors that the “criminal” founder of Theranos was guilty of perpetrating a massive fraud. “She chose fraud over business failure,” federal prosecutor Jeff Schenk told the jury. “She chose to be dishonest. This choice was not only callous; it was criminal.” […]
Jay Clayton: America’s Future Depends on the Blockchain – WSJ
What is government’s role? Regulation is essential to our financial markets, and there is no doubt that tokenized financial assets should be regulated to ensure financial stability, promote capital formation, prevent illicit activity, and protect consumers. But there is more the U.S. government must do. Innovators must have assurances that if they follow time-tested regulatory […]
Matt Levine’s Money Stuff: Not Everything Is Insider Trading – Bloomberg
If your brother-in-law is a senior accounting executive at a public company, and that public company is secretly in negotiations to be acquired at a premium, and your brother-in-law is working on the deal, and you talk to him regularly while the deal is being negotiated, “including by phone, at [your] daughters’ basketball events, and at multiple […]
Nancy Pelosi thinks that members of Congress should be allowed to trade stocks | Fortune
At a press conference on Wednesday, Speaker of the House Nancy Pelosi said that lawmakers and their spouses shouldn’t be barred from trading stocks. “This is a free market, we are a free market economy, they should be able to participate in that,” Pelosi said. Source: Nancy Pelosi thinks that members of Congress should be […]
SEC Proposes Amendments Regarding Rule 10b5-1 Insider Trading Plans and Related Disclosures
The proposed amendments to Rule 10b5-1 would update the requirements for the affirmative defense, including imposing a cooling off period before trading could commence under a plan, prohibiting overlapping trading plans, and limiting single-trade plans to one trading plan per twelve month period. In addition, the proposed rules would require directors and officers to furnish […]
Order of Dismissal: SEC v. Clark
Hot off the presses and under the radar: E.D.Va. Judge Claude M. Hilton yesterday ordered a rare (perhaps unprecedented) directed verdict against the SEC in favor of an insider trading tippee defendant. (The tippee, though he never traded or profited, settled with the SEC a month before trial, neither admitting nor denying wrongdoing.) Yes, you […]
SEC Lures Top Enforcer Who Says Tougher Punishment Is Coming – WSJ
The Securities and Exchange Commission often picks its top cop from the ranks of Wall Street’s best defense lawyers. Its newest one hadn’t worked on a securities case in almost six years until he took on the job in July. *** Since taking over at the Wall Street watchdog, Mr. Grewal has signaled higher fines […]
Galleon Group’s Rajaratnam speaks out after 7 years in prison for insider trading – YouTube
Raj Rajaratnam, founder of Galleon Group, sits down with CNBC in his first interview since being released from prison two years ago to discuss his new book ‘Uneven Justice: The Plot to Sink Galleon’.
Cryptocurrency Chiefs Go to Congress for Landmark Hearing – The New York Times
The chief executives of six cryptocurrency companies will testify on Wednesday before the House Financial Services Committee about the promises, perils and uses of stablecoins, or cryptocurrencies that are pegged to the value of stable assets such as the dollar. They include Brian Brooks, the former acting comptroller of the currency under President Donald J. […]