‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInPamela Parizek joins Kroll as leader of financial investigations in North America
Pamela Parizek has joined Kroll, the risk management subsidiary of consulting firm Duff & Phelps, as a managing director and head of the financial investigations practice in North America. She is based in Washington, DC. In her new role at Kroll, Parizek will oversee a team of experts in forensic accounting, data analytics, and financial […]
Prosecutors Say Wealth, Fame Motivated Theranos Founder Elizabeth Holmes’s Alleged Crimes – WSJ
Ms. Holmes and California prosecutors are sparring over what details a judge will allow into the trial in July, with fights over not only her wealth, but also testimony from Theranos patients who received inaccurate blood results and internal emails prosecutors say show the company trying to evade lab inspectors. In all, U.S. District Judge […]
Acting Enforcement Director Marc P. Berger to Depart the Commission
The Securities and Exchange Commission today announced that Marc P. Berger, Acting Director of the Division of Enforcement, will conclude his tenure at the agency this month. Mr. Berger joined the Commission as Director of the New York Regional Office in December 2017 and was named Deputy Director of the Division of Enforcement in August […]
Biden Is Expected to Name Gary Gensler for SEC Chairman – WSJ
President-elect Joe Biden is expected to choose Gary Gensler, a former financial regulator and Goldman Sachs Group Inc. executive, to head the Securities and Exchange Commission, according to people familiar with the decision. Source: Biden Is Expected to Name Gary Gensler for SEC Chairman – WSJ
Congress Extending the SEC Statute of Limitations to 10 Years?!!
Congress recently overrode President Trump’s veto of the $740 billion 2021 National Defense Authorization Act (“NDAA”) and signed it into law. While the focus of the NDAA is not on the U.S. Securities and Exchange Commission (“SEC”), the NDAA does include a provision that gives the SEC, for the first time ever, statutory authority to […]
Farewell Statement of Stephanie Avakian, Director of the Division of Enforcement
This job is so much more than the individual cases. But, of course, I take great pride in the cases. Every case is important though some stand out. A few are the SEC’s actions against: Tesla and Elon Musk; Theranos and Elizabeth Holmes; General Electric; Facebook; Telegram and Kik; the EDGAR hackers; Wells Fargo; Robinhood; […]
It’s Time for Senators, House Members to Divest Stocks in Individual Publicly Traded Companies
Members of Congress over the years have introduced bills that would prohibit senators, representatives, and their senior staff from owning securities of individual publicly traded companies. Neither the House nor the Senate has passed such a law. As we urged in a letter we sent to House and Senate leadership recently , Congress should do […]
Dystopian Future Securities Fraud – Bloomberg
So we have talked about allegations that Senator Richard Burr did something wrong when he dumped stocks after receiving Intelligence Committee briefings about the coronavirus in February. There was a factual dispute about what secret information Burr did or did not receive in those briefings, and about whether or not he traded based on it, […]
The Top Ten D&O Stories of 2020 | The D&O Diary
The directors’ and officers’ liability environment is always changing, but 2020 was a particularly eventful year, with important consequences for the D&O insurance marketplace. The past year’s many developments also have significant implications for what may lie ahead in 2021 – and possibly for years to come. I have set out below the Top Ten […]
A Simple Way to End Questionable Stock Trading by Lawmakers – The New York Times
Here is how it would work: The next head of the S.E.C., expected to be named in the coming weeks, could seek to put in place a new rule for broker-dealers, the financial intermediaries that all trades go through and that the agency oversees. The rule would require the broker-dealers to set up a special […]