Thomas O. Gorman
This Week In Securities Litigation (Week ending November 21, 2014)

The Commission filed another settled FCPA action this week. The proceeding named two U.S. citizens living abroad as Respondents. The DOJ issued an Opinion discussing successor liability. The DC Circuit agreed to rehear the suit which challenged the...

Thomas O. Gorman
SEC Continues to Focus On Microcap Stock Manipulation

Microcap stock manipulations continues to be a key area of focus for SEC Enforcement with the filing of two new cases involving the CEOs of two firms of manipulating the share price of their firms. In SEC v. Forum National Investments Ltd., Civil Action...

Thomas O. Gorman
SEC Files Offering Fraud Action Against Sellers of Over $10M Worth of Bonds to Public

A business man, a real estate company he acquired from his grandfather, a registered representative who has now been barred by FINRA from the securities business and Maryland Division of Securities from the advisory business and an unnamed broker teamed...

Thomas O. Gorman
This Week In Securities Litigation (Week ending November 14, 2014)

Supreme Court Justices Scalia and Thomas indicated that the High Court may at some point consider a question regarding the application of insider trading law in criminal cases and the deference due, if any, to the interpretations of that body of law by...

Ballard Spahr LLP
SEC Charges City Mayor as a Control Person in Allen Park, Michigan, Enforcement Action

by M. Norman Goldberger, John C. Grugan, and Tesia N. Stanley Last Thursday, the Securities and Exchange Commission (SEC) announced fraud charges against the City of Allen Park, Michigan (City), and two of its former officials—the former City...

Thomas O. Gorman
SEC Brings Its Sixth Insider Trading Action as an Administrative Proceeding Since September

The SEC is clearly bringing more cases as administrative proceedings. To be sure, many of its “broken windows” actions are brought in that forum. At the same time, it is brining other cases which are traditionally brought as civil injunctive...