‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInAuditors keep falling into the same trap | Financial Times
Last week, payments firm Wirecard admitted that €1.9bn of its cash probably never existed — and then it collapsed. It turns out that the German group’s auditors had failed for at least three years to request crucial account information from a Singapore bank where Wirecard said it had up to €1bn. Instead, EY relied on […]
China’s regulator gets tough on insider trading as it metes out record penalty on wrongdoers in the financial markets | South China Morning Post
China’s securities regulator slapped two individuals with a record fine for insider trading and confiscated their ill-gotten gains, meting out 3.6 billion yuan (US$508 million) of penalties in an unprecedented enforcement to stamp out corporate malfeasance in the country’s financial markets. Shanghai entrepreneur Wang Yaoyuan and his daughter Wang Chengcheng were fined 2.72 billion yuan […]
COVID-19 class actions: Cautionary reminders from south of the border | ICLG.com Briefing
Canadian companies have faced an unprecedented last few months in the wake of the COVID-19 pandemic and the subsequent measures to contain its spread. As the pandemic’s impacts continue to reverberate, the first round of COVID-related litigation has begun. Several COVID-related class actions have already been launched in Canada, including: Class actions against long-term care […]
‘Green light to hide information’: Australia’s recovery at risk from company disclosure changes | Australia news | The Guardian
Investment in Australia that will be crucial to recovering from the coronavirus crisis could be put at risk because the treasurer, Josh Frydenberg, has watered down laws requiring company directors to keep the market properly informed, say advisers to funds controlling trillions of dollars. In a seven-paragraph press release issued late on Monday afternoon, Frydenberg […]
FCA bans insider trader 7 years after conviction – FTAdviser.com
The Financial Conduct Authority has banned a former equities dealer at Legal & General Investment Management seven years after he was sentenced to prison for insider trading. Paul Milsom pleaded guilty in January 2013 to insider dealing following a large-scale probe by the Financial Services Authority and two months later was sentenced at Southwark Crown Court to two years imprisonment. […]
Regulators form task force to fight COVID-19 investment scams | Wealth Professional
This week, the North American Securities Administrators Association (NASAA) has announced the formation of a COVID-19 Task Force, uniting state and provincial regulators to identify and stop potential threats to investors. via Regulators form task force to fight COVID-19 investment scams | Wealth Professional.
UK: Coronavirus pandemic spikes epidemic of financial scams – BCL Solicitors LLP
It is a notable feature of public crises that crime often follows. Most interestingly in the United States on 16 March, the US Department of Justice has issued guidance to US Attorneys across the nation to prioritise prosecution action against financial scams which seem to rely on the potential victim’s fear induced by the ongoing […]
Non-U.S. Issuers Targeted in Securities Class Action Lawsuits Filed in the United States
Companies headquartered or with principal places of business outside the United States (“non-U.S. issuers”) continue to be targets of securities class actions filed in the United States. Indeed, 2019 continued to see an uptick in the number of securities class action lawsuits brought against non-U.S. issuers from the previous year, consistent with the general trend […]
Russia updates crypto regulations after string of scandals | The FCPA Blog
With plans to launch its own cryptocurrency later this year, Russia has updated its anti-bribery and AML laws to aid its burgeoning digital economy while dealing with corruption risks associated with the new technology amid reports the Federal Security Service (FSB) allegedly tried to extract a bribe worth $1 million in bitcoin from a media […]
Qatar bans cryptocurrencies after updating its AML laws | The FCPA Blog
Following Qatar’s AML regulatory updates, the Qatar Financial Center Regulatory Authority (QFCRA) via twitter announced that all services involving cryptocurrencies have been banned throughout the Qatar Financial Center until further notice. The QFCRA — with 500 firms and $20 billion in combined total assets under management– operates its own legal, regulatory and tax infrastructure. via […]