When Red Flags Are Not Enough
Doug Cornelius | Compliance Building
As much as the SEC tried, they could not link Sanchez to an insider. They could not even link him to his co-defendant, Juan Jose Fernandez Garcia. Both Garcia and Sanchez lived in Madrid and both made suspicious trades on Potash stock using accounts at Interactive Brokers. That was the only connection….
Sanchez was willing to fight for his windfall and challenged the SEC to prove he had inside knowledge. The SEC failed and Sanchez gets to keep his cash.
We Confess Our Love
Richard Cassin | The FCPA Blog
There's no subtle way to say this: We love Shearman & Sterling's FCPA Digest.
The January 2012 edition is nearly seven hundred pages. In it are every DOJ and SEC enforcement action — catalogued, explained, and analyzed. There are also parallel cases (private suits), ongoing investigations, and all the DOJ opinion procedure releases.
My New Year SEC (mainly) enforcement wish list
Robert Fusfeld| Thomson Reuters News and Insight
On the theory that we can hope for better things to come from SEC enforcement in the coming year here we go.
Ten Compliance Issues from 2011
Tom Fox | FCPA Compliance and Ethics Blog
I have seen several lists of the Top Foreign Corrupt Practices Act (FCPA) issues of 2011. Sam Rubenfeld and Chris Matthews at the Wall Street Journal's Corruption Currents have been interviewing several of the top legal practitioners on their thoughts. The ever-present Mike Volkov has weighed in with his list and his “Person of the Year”, the Chief Compliance Officer. Howard Sklar and I even got into the video act by discussing our most significant issues in “This Week in FCPA”. So as part of the compliance commentariati, I submit, for your consideration, my Top Ten anti-corruption and anti-bribery issues over the past 12 months.
A Closer Look at 2011 Securities Lawsuit Filings
Kevin LaCroix | The D&O Diary
Surging levels of M&A-related litigation and a wave of lawsuits involving U.S.-listed Chinese companies drove federal securities class action lawsuit filings during 2011 to the highest levels since 2008. However, due to the growing wave of M&A-related litigation, much of which is filed in the state courts, the federal securities lawsuit filing statistics, while interesting, represent only a part of the overall corporate and securities litigation story. State court litigation, particularly state court M&A-related litigation, represents an increasingly important part of the picture.