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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInSEC Charges Compass Minerals for Misleading Investors about Its Operations at World’s Largest Underground Salt Mine
The Securities and Exchange Commission today announced settled charges against Compass Minerals International Inc. for misleading investors about a technology upgrade that the company claimed would reduce costs at its most significant mine, but in reality, had increased costs, and for failing to properly assess whether to disclose the financial risks created by the company’s […]
Arcadia Man Charged with Securities Fraud for Stealing Client Funds and Concealing His Investment Firm’s Massive Financial Losses | Department of Justice
In late 2020, McDonald lost tens of millions of dollars of Hercules client money after adopting a risky short position that effectively bet against the health of the United States economy in the aftermath of the U.S. presidential election. McDonald projected that the COVID-19 pandemic and the election would result in major selloffs that would […]
First Woman SEC Commissioner Discusses Work, Retirement and Life – Rethinking65
Klein: You’ve reinvented yourself numerous times. What motivated you to make these professional changes and what does it require to take chances and be successful at new ventures or second — and even third, fourth — acts? Karmel: It had to do partly with my personality, that I was always interested in learning something new. […]
UK Introduces Law to Seize, Freeze and Recover Crypto
The U.K. introduced a bill to make it easier for law enforcement agencies to seize, freeze and recover crypto assets when used for criminal activities such as money laundering, drugs and cybercrime, the government said Thursday. The 250-page Economic Crime and Corporate Transparency bill, first promised in May, was introduced by the Home Office, Department […]
Push to Enhance CFTC’s Crypto Watchdog Role Gets a Boost in US Congress
Congress’ attempt to make the Commodity Futures Trading Commission (CFTC) the primary U.S. cryptocurrency regulator took a procedural step forward on Thursday, with a House of Representatives lawmaker introducing a bill supporting a parallel effort in the Senate. The Senate legislation – introduced in August by the leaders of the Senate Agriculture Committee, Chairwoman Debbie […]
Snap Hires New Compliance Chief From Peloton – WSJ
The head of compliance and risk at Peloton Interactive Inc. has left the company and joined Snapchat parent Snap Inc. Bertrand Lanciault III, who goes by Lance Lanciault, joined Snap in August as the new chief compliance officer, overseeing its compliance and integrity efforts, according to a spokesman for the technology company. He joined Peloton […]
SEC Charges Former EY Employee with Insider Trading
The Securities and Exchange Commission charged Michael Weiss with insider trading in the stock of four Ernst & Young LLP (“EY”) clients or prospective clients (“EY Client Companies”) made while he was employed as an EY Business Development Director. The SEC’s complaint, filed in federal court in Manhattan, alleges that Weiss’ work on EY business […]
US House May Vote Next Week on a Congressional Stock-Trade Ban
The framework includes much of what prominent advocates of stock-ban legislation have asked for, such as including spouses and dependent children in any potential ban. Other framework provisions call for: Mandatory electronic filing of financial disclosures, as some officials submit all-but-illegible disclosures. Requiring “more granularity” when disclosing financial trades. Currently, lawmakers are only required to […]