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The Commission filed another "suspicious trading" insider trading case this week. The action centers on the highly publicized acquisition of H.J. Heinz Co. In recently filed court papers the Commission has identified the unknown trader as a private wealth client of the Zurich, Switzerland affiliate of Goldman Sachs. The SEC also brought an offering fraud case, an investment adviser fraud action that parallels a criminal case and resolved a previously filed investment fund fraud action.
The Business Round Table, along with over thirty other business groups, sent a letter to the DOJ and the SEC regarding the guidance offered in the recently published A Resource Guide to the U.S. Foreign Corrupt Practices Act. The letter revisits a number of issues which the groups have previously raised including the lack of a procedures defense and the need for clarity regarding the definitions of the terms "foreign official" and "instrumentality."
Finally, the Australian Securities and Investment Authority announced the imposition of the largest fine imposed on an individual for operating a fraudulent investment scheme.
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For more commentary on developing securities issues, visit SEC Actions, a blog by Thomas Gorman.
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