Recent Posts

Disgorgement and Intervening Causes in an SEC Enforcement Action
Posted on 18 Feb 2014 by Thomas O. Gorman

In SEC v. Teo, Case No. 12-1168 (3 rd Cir. Decided Feb. 10, 2014) [ an enhanced version of this opinion is available to subscribers ] the Court, in a two to one decision, considered a question regarding the calculation of disgorgement and the... Read More

SEC Prevails on Question of Penalty Amount
Posted on 3 Dec 2013 by Thomas O. Gorman

The D.C. Circuit Court of Appeals upheld the imposition of a penalty by the SEC which is over 100 times the amount of the disgorgement. The ruling was made in a case involving a registered representative charged with failure to supervise in a Commission... Read More

Disgorgement and the Fifth Amendment in SEC Actions
Posted on 18 Oct 2011 by Thomas O. Gorman

Disgorgement and the impact of the Fifth Amendment are issues which reoccur in SEC enforcement actions. Circuit Judge Loken, in an opinion concurring in part and dissenting in part, from an order affirming a grant of summary judgment in a Commission... Read More

DC Circuit Affirms Remedies Awarded to SEC
Posted on 1 Nov 2011 by Thomas O. Gorman

The D.C. Circuit rejected challenges to a disgorgement order which used a zero basis for stock rather than a market quote for the share price and which imposed joint and several liability for the full amount on a defendant who claimed to have transferred... Read More

D&O Insurance: Disgorgement of Contingent Commissions Not Covered "Loss"
Posted on 10 Dec 2010 by Kevin M. LaCroix

An insurance broker's settlement of claims for disgorgement of undisclosed contingent commissions does not represent covered loss under a combined lines professional liability insurance policy, according to a December 3, 2010 decision of the Illinois... Read More

FCPA Settlement Day: DOJ Guidance on the Best Practices of a Corporate Compliance Program
Posted on 9 Nov 2010 by Thomas Fox

In what the FCPA Blog termed a day of making history "for the most companies to simultaneously settle FCPA-related violations, [the] Global logistics firm Panalpina and five of its oil-and-gas services customers resolved charges with the DOJ and... Read More