Browse By Tags

Investigating insider trading is difficult. Proving it is even more difficult. Frequently, the trading is "suspicious" because of its timing, magnitude, or for a variety of other reasons. Market watchers such as FINRA use this term to classify...

This is the first segment of a five part series discussing the impact of the Second Circuit’s ruling in Newman on SEC insider trading cases Introduction In seeking rehearing and an en banc hearing before the Second Circuit Court of Appeals...

The debate over waivers WKSI waivers and other similar provisions continued this week. The Commission granted a WKSI waiver to Deutsche Bank despite a guilty plea to criminal felony charges but only over the dissent of Commissioner Stein. The agency...

SEC Chair Mary Jo White indicated in comments this week that the agency plans to make greater use of Exchange Section 20(b) in the future. That section generally provides for imposing liability on those who cause another to violate the federal securities...

The Commission was handed a split verdict in its insider trading – front running case against Siming Yang and his investment company, Prestige Trade Investments Limited by an Illinois jury yesterday. SEC v. Yang, Case No. 12-cv-02473 (N.D. Ill....

The battle lines have been drawn over the proposed settlement in the SEC's action against Citigroup Global Markets, Inc. SEC v. Citigroup Global Markets, Inc., Civil Action No. 1:11-cv-07387 (S.D.N.Y.) ( here ). Judge Rakoff entered an order posing...

This week three Galleon related defendants were sentenced to prison for insider trading, including Raji Rajaratnam. The Commission filed another significant market crisis case naming the senior officers of a failed bank as defendants. The Commission...

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...

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a sprawling piece of legislation. It is also very much a work in progress, requiring hundreds of new rules to be written and dozens of studies. The burden imposed on the SEC is considerable...

A key focus of SEC Enforcement in recent months has been investment fund fraud and Ponzi scheme cases. Once considered difficult to detect in the past the Commission brought few actions. Now, however, seldom a week goes by without at least one and...

Sometimes the SEC is an aggressive market regulator and at other times it appears to be the gang that cannot shoot straight. In filing the Goldman case, discussed here , it not only brought the most significant enforcement action in years, but also responded...

Eight SEC Enforcement attorneys were recognized by the Counsel of the Inspector General on Integrity for Excellence in connection with their work regarding the investigation of a significant market crisis case. The Commission filed its third significant...

One key debate regarding current SEC enforcement policy centers on the application of the so-called “bad actor” provisions. Previously the Commissioners split over the nature, use and application of those provisions. Central to the debate...

In recent years DOJ and SEC prosecutors have adopted a new, more lenient approach toward business organizations engaged in wrongful conduct according to a recent New York Times article. This is evidenced by the increased use of non-prosecution and...

Conflicts of interest are a central focus for the SEC. Indeed, conflicts are at the core of many of the actions brought against regulated entities. And, an undisclosed conflict was at the center of actions brought against a hedge fund, its founder, general...