‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInDOJ Outlines New Policy Regarding White Collar Cases Against Individuals | WilmerHale
The Department of Justice has released a new policy intended to further the Department’s effort to hold individuals accountable for corporate wrongdoing. The policy was laid out in a September 9, 2015 memorandum authored by Deputy Attorney General Sally Quillian Yates. The new policy is more than a clarification of existing practices; it constitutes the […]
It’s Official – Throw the Employees Under the Bus — White Collar Crime Prof Blog
The new DOJ Policy (see here for the NYTimes story that includes DOJ Policy) makes the current practice of corporations “throwing employees under the bus,” official. It states, “[t]o be eligible of any cooperation credit, corporations must provide to the Department all relevant facts about the individuals involved in corporate misconduct.” Corporations have received deferred and […]
SEC Employee’s Goodbye Party Leads to More than Cake and Farewells – Compliance Week
Somehow, Kidney’s goodbye party departed from standard employee goodbye party protocol–where the departing employee thanks everyone for the cake and for coming out to say goodbye–into something quite different. According to numerous reports this week (not to mention a full-blown transcript of Kidney’s “Retirement Remarks” obtained and published by the SEC Union), Kidney took the […]
When Regulators Think They’re Prosecutors – WSJ.com Op-Ed
Many investors and commentators think it’s about time the SEC got tougher on financial fraudsters and treated them more like common criminals. But policy makers and judges should think twice about whether this trend of quasi-criminal administrative prosecution is a good idea. It isn’t, for at least two reasons. via Russell G. Ryan: When Regulators […]
In Policy Shift, SEC Obtains Admissions of Wrongdoing in Falcone Settlement – Compliance Week
On June 18, 2013, SEC Chair Mary Jo White announced that the agency would soon begin requiring admissions of wrongdoing from defendants to settle enforcement actions in certain egregious cases. Just two months later, the SEC took its first step under the new policy, announcing that hedge fund adviser Philip Falcone and his firm Harbinger […]
SEC Dings Goldman for Inadequate Policies Governing Research ‘Huddles’
SEC files settled AP alleging Goldman lacked adequate policies and procedures for weekly research “huddles.”
Second Circuit Rebuffs Rakoff, Grants Stay to Hear Appeal on Settlement Ruling — The D&O Diary
“Three judge panel saw nothing wrong at any level with a settlement in which there has been no admission of liability.”
Archived Version and Materials for Jan. 12 Webcast: Effective Insider Trading Policies for Public Companies and Regulated Entities
Jay Dubow, Anthony Creamer and Alma Angotti joined us for this webcast.
When Wall Street Sins, SEC Needs to Extract Confessions: View – BusinessWeek
“The SEC should make further changes to put real meaning behind its attempt at reform.”
Defending the SEC’s Neither-Admit-Nor-Deny Policy
Abandoning the standard settlement language would mean the SEC could no longer pick its trial battles carefully, deciding which factual situations could get the agency the most bang for its litigation buck. Instead, it would have to prepare for almost every matter as if a trial were inevitable, because it almost certainly would be. It’s […]