Capital Hill continued to debate
market reform this week with the introduction of the Volker Rule bill in the
Senate. SEC enforcement focused on resolving financial fraud and Ponzi scheme
cases, while the appellate section at FINRA reversed a panel decision for a
lack of evidence in a failure to...
Thomas O Gorman, Partner, Porter, Wright, Morris & Arthur
Consistency is sometimes a virtue and, at other times, the "hobgoblin of small minds" to borrow an old phrase. In SEC v. Pentagon Capital Management PLC , Case No. 08 Civ. 3324 (S.D.N.Y. Filed April 3, 2008), the SEC learned in...
While sources are wallowing in the
exposure of a political figure in a "pay to play" scandal, I thought there
might be some lessons for other investment managers as states and perhaps the
SEC roll out limitations on political contributions.
The original story seemed mildly
Thomas O Gorman, Partner,
Porter, Wright, Morris &
The market crisis, past enforcement
failures, insider trading and the FCPA dominated securities litigation this
week. In the wake of the report on the collapse of Lehman, not surprisingly
there are calls for a criminal investigation...
On October 16, 2009, the
Securities and Exchange Commission (SEC) instituted a civil injunctive action
in the United States District Court for the Southern District of New York
charging Raj Rajaratnam and his hedge fund advisory firm Galleon Management LP
with perpetrating a massive insider trading...
On Capital Hill, the debate
continues regarding financial reform, as CFTC Chairman Gary Gensler continued
to champion new regulation for OTC derivatives. The SEC brought another case in
its on-going investigation regarding kickbacks relating to the New York state
pension fund and another investment...
This week, the Supreme
Court handed down its decision in Merck
on the statute of limitations in securities fraud damages actions.
Nevertheless, the spotlight remains on Goldman and the SEC's case against the
firm. Congressional hearings were held. The SEC received a letter requesting
The Supreme Court handed down two significant rulings as the
week came to a close. In one, it rejected constitutional challenges to the
honest services fraud statute which is frequently used in white collar
prosecutions. In a second, the High Court rejected the Second Circuit's