‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInU.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 […]
Upstate NY Rep. Chris Collins resigns seat as guilty plea looms in insider trading scam – News – The Florida Times-Union – Jacksonville, FL
Rep. Chris Collins (R-N.Y.) has agreed to resign from Congress as he prepares to plead guilty to insider trading charges. The staunch supporter of President Donald Trump threw in the towel as court documents suggested he will plead guilty on Tuesday, an official in House Speaker Nancy Pelosi’s office confirmed. “We are in receipt of […]
House Panel OKs Approps Bill Hiking SEC Enforcement Funding
A funding boost for SEC enforcement, compliance inspections, and other agency programs cleared a major hurdle in the House June 11. The House Appropriations Committee approved legislation that would give the Securities and Exchange Commission about $1.9 billion, approximately $200 million more than it requested for fiscal 2020 and received in fiscal 2019. The panel […]