‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInPrivate Equity and Cybersecurity: A Guide to Preparing for and Responding to a Breach | Proskauer – The Capital Commitment – JDSupra
A cyber breach can have serious legal, financial, and reputational consequences for a fund sponsor, as described in our previous post. As such, cybersecurity threats must be treated as business risks, not just a potential IT problem. Senior management at fund sponsors should take the lead to ensure that the sponsor is taking appropriate actions […]
SEC Enforcers Continue to Focus on Undisclosed Fees | LexBlog
In a series of enforcement cases over the past few months, the SEC has continued to bring actions focused on undisclosed fees charged to clients. Many of these cases have charged firms with fraud and other violations based on fees that were not adequately disclosed. While some attention has focused on retail wealth managers, institutional […]
Proskauer Launches Private Equity SEC Enforcement Database | Proskauer – Private Equity Litigation – JDSupra
Today, we are launching a proprietary database tracking all SEC enforcement actions involving private equity advisers. The database contains key information from the actions, including summaries of key issues, settlement terms, and relevant statutory provisions. The database will be an important resource for us and our clients, providing us with quick access to comparable cases […]
They’re the Biggest Investors in Private Equity. Now They’re Asking the SEC to Step In. | Institutional Investor
Sure, they have billions of dollars invested and spend millions in consulting and advisory fees. But now, some of the world’s largest private equity investors, along with an industry group, are demanding oversight over the industry they’re largely funding. On Tuesday, the Institutional Limited Partners Association and 35 of its member institutions sent a letter […]
SEC Private Equity Enforcement: A More Aggressive Approach | Compliance and Enforcement
Over the last several years, the Securities and Exchange Commission (“SEC”) has targeted private equity funds for various fee allocation arrangements and conflicts of interest. Rather than describing the fee practices as fraudulent, which would require a showing of scienter, the SEC has concluded that the private equity advisers committed disclosure violations. However, a recent […]
INSIGHT: SEC delivering on promise to scrutinize private equity firms — Reuters Regulatory Intelligence
As a result of the SEC probe and despite public warnings, the SEC has now announced approximately a dozen actions against PE managers, including some of the largest and most prominent firms. Penalties, including disgorgement and fines now total nearly $150 million in settled cases. via INSIGHT: SEC delivering on promise to scrutinize private equity […]
License to defraud | TheHill
H.R. 5424 would reduce the amount of information that private equity and hedge fund managers have to disclose either to investors or to the Securities and Exchange Commission (SEC). They don’t disclose enough information as it is. But thanks to some modest requirements imposed on them by the Dodd-Frank Act, we know more now than […]
SEC Enforcement Action Highlights Need for PE Fund Advisers to Address Potential Broker-Dealer Issue — Kramer Levin
On June 1, 2016, the Securities and Exchange Commission (the “SEC”) filed and settled an administrative proceeding against Blackstreet Capital Management, LLC (“Blackstreet”) and Murry N. Gunty, the principal owner and managing member of Blackstreet (“Gunty”).1 In order to settle the proceeding, Blackstreet and Gunty agreed to pay approximately $3.1 million. This settlement order highlights […]
Silicon Valley in the Crosshairs: SEC and DOJ Target Fraud Involving Pre-IPO Companies | Perkins Coie – JDSupra
However, Chair White’s conciliatory “open dialogue” overture to Silicon Valley should be juxtaposed with the government’s enforcement focus, which became more pointed at the recent Securities Enforcement Forum West conference in San Francisco on May 12, 2016. Erin E. Schneider, Associate Regional Director (Enforcement) in the SEC’s San Francisco office, told attendees that her office […]
SEC’s former AMU co-chief Marshall Sprung joins Blackstone Group | Compliance Week
Marshall S. Sprung, former co-chief of the SEC Division of Enforcement’s Asset Management Unit since 2013, is reportedly joining Blackstone Group LP as the firm’s global head of compliance. As emphasized in a speech last week by SEC Enforcement Director Andrew Ceresney, the Enforcement Division has recently increased its scrutiny of private equity firms. via […]