‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInIt’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 […]
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 […]
U.S. DOJ closing insider trading probes into three senators: WSJ | Reuters
The three senators include Republicans Kelly Loeffler of Georgia and James Inhofe of Oklahoma, and Democrat Dianne Feinstein of California, the Journal reported, adding that prosecutors are alerting their defense attorneys about the closing of the probes. However, the DOJ’s related probe into Senator Richard Burr is continuing, according to the newspaper. via U.S. DOJ […]
FBI serves search warrant on Sen. Richard Burr amid stock trading controversy: report | TheHill
The FBI served a search warrant on Sen. Richard Burr (R-N.C.) Wednesday as an investigation pushes forward on whether or not the senator violated a law that prevents members of Congress from trading on insider information they learn from their work, The Los Angeles Times reported. Federal agents seized Burr’s cellphone after they served a […]
Kelly Loeffler considers SEC ‘Hail Mary’ over stock sales | Fox Business
People close to Loeffler are advising her to meet directly with securities regulators including those at the Securities and Exchange Commission, Wall Street’s top cop, and make her case that the stock sales were not based on illegal “insider” information. The game plan is to get regulators to publicly state that Loeffler’s stock sales were legal and that […]
Judge Allows Ex-GOP Congressman Convicted for Insider Trading to Delay Prison Time
A former Republican congressman in New York, famously the first member of Congress to endorse Donald Trump for president, will not begin his 26-month prison sentence until at least June. Lawyer for Christopher Collins asked U.S. District Judge Vernon Broderick to permit months of delay in incarceration, given the threat of COVID-19. via Judge Allows […]
Sen. Burr’s Stock Trade Argument May Not Hold Water With SEC | ThinkAdvisor
Recent reports of Sen. Richard Burr, R-N.C., selling certain stocks after receiving information in a closed-door government briefing highlight an issue important for anyone contemplating securities transactions while in possession of material non-public information: You don’t have to actually use the MNPI to face insider trading charges. Burr tweeted that his trading was based on publicly available information […]
House Passes Bill Extending Time SEC Has to Recoup Money from Fraudsters
The U.S. House of Representatives has approved a bill granting the SEC more time to recover money from fraudsters. The Investor Protection and Capital Markets Fairness Act would give the SEC up to 14 years to bring cases and recoup money for victims of financial abuse, according to a press release from Rep. Ben McAdams, […]
Commentary: Despite Reprieve, U.S. Congress Should Resist the Pull of EU Financial Regulations | Best Countries | US News
CONGRESS HAS ORDERED A review of the implications of adopting European Union-style policies in U.S. capital markets – and rightfully so. Many U.S. firms shadow European rules as they try to operate on either side of the Atlantic, and pressure is growing on the Securities and Exchange Commission to adopt many of the rules formulated […]
The ‘Tipping’ Point—Possible Shakeup To Insider Trading Rules – Corporate/Commercial Law – United States
Nevertheless, the proposed Insider Trading Prohibition Act (H.R. 2534) (Act) could clarify the legal haziness that financial institutions, corporate executives, and casual investors regularly wrestle, and at the same time raise new legal issues. As one of a few bills receiving bipartisan support in such a charged political environment, it appears that some version of […]