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Bruce Carton

 
“Enforcement Action” is written by Bruce Carton, a former senior counsel in the SEC's Division of Enforcement. A “blawg pioneer” (according to The Wall Street Journal), Carton was the creator of Securities Litigation Watch, a blog that he wrote for more than three years while he was vice president of ISS' Securities Class Action Services. He is now editor of Securities Docket, an online publication that tracks securities litigation and enforcement developments on a global basis. Carton welcomes questions, comments and statements from readers on enforcement and litigation issues.
 

Recent Articles

SEC to Require Admissions of Wrongdoing in Settlements of Most Egregious Cases

June 19, 2013

SEC Chairman Mary Jo White announced yesterday that the agency is changing its long-standing "neither-admit-nor-deny" settlement policy to require admissions of wrongdoing from defendants in cases involving "egregious intentional misconduct" or "misconduct that harmed large numbers of investors." More details inside.
 

Video: Former KPMG Partner's Frank Interview on Courthouse Steps Should Be Wake Up Call

June 18, 2013

Former KPMG partner Scott London's frank and remorseful interview outside of the federal courthouse in Los Angeles where he was arraigned on insider trading charges should become required viewing at Big 4 compliance training sessions.
 

Amelia Cottrell Promoted to Associate Regional Director for Enforcement in NY

June 17, 2013

The SEC's Amelia Cottrell has been promoted to the position of Associate Regional Director for Enforcement in the agency's New York Regional Office, the position previously held by current Senior Associate Regional Director Sanjay Wadhwa.
 

The Internal Audit Function and Anti-Corruption Compliance

June 14, 2013

Corporations' internal auditors are Increasingly becoming involved in anti-corruption compliance efforts. Yesterday, I moderated a very interesting webcast that examined key issues such as the role of internal audit in anti-corruption compliance risk assessments, internal investigations, and post-enforcement remediation.
 

SEC Official Expects 'Extremely Significant Whistleblower Awards' in Coming Months

June 12, 2013

The wait for the SEC's Whistleblower Office to make a splash may soon be over. A senior official in the Enforcement Division stated recently that he expects to see the SEC bring some "incredibly impactful cases" with significant whistleblower awards in the next six to twelve months. Since the SEC's Whistleblower office opened nearly two years ago, it has paid only one award of just $50,000. More inside.
 

SEC Hammers CBOE for Lacking 'Fundamental Understanding' of Abusive Short Selling

June 11, 2013

The SEC charged the CBOE today with failing to adequately enforce Regulation SHO because CBOE staff never received any formal training and lacked a "fundamental understanding" of the rule.
 

SEC's White Defends 'No Admission' Settlements, But Says Policy Under Review

June 11, 2013

In a letter last week to Sen. Elizabeth Warren (D-Mass.) SEC Chairman Mary Jo White stated that while she believes the SEC's "neither-admit-nor-deny" settlement policy provides public accountability, it is under "active review." White says the SEC is looking at whether it is making "full appropriate use of its leverage in the settlement process."
 

Behind the SEC's Renewed Focus on Financial Fraud

June 11, 2013

The Securities and Exchange Commission may be renewing its focus on financial and accounting fraud under new Chairman Mary Jo White. During the last 10 years, the number of such cases has declined from 199 in 2003 to just 79 cases during its last fiscal year. Word is that White may be retooling the SEC to hone in on financial fraud through increased analytics and more resources. Inside, Columnist Bruce Carton looks at what's behind the initiative.
 

After Monitoring Rakoff-SEC Battle, Ontario Limits 'No-Contest' Settlements

June 07, 2013

After monitoring the growing frustration by U.S. judges on approving "no admit, no deny" SEC settlements, the Ontario Securities Commission limited a proposed new rule that would have allowed such no-contest settlements in its enforcement cases. Institutional shareholders had argued that allowing defendants to settle cases without admitting guilt could lead them to view penalties as the cost of doing business. More inside.
 

Big Four Professionals Face Insider Trading Consequences in U.S., Australia

June 07, 2013

Just ten days but thousands of miles apart, two former Big Four professionals separately found themselves in hot water on insider trading charges.
 
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IT-Friendly Solutions to File Transfer Problems
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Information Governance: Managing the Lifecycle of Data
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Anti-Money Laundering Illustrated: Visualizing an Effective Capability
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Thought Leadership

What Enterprise Compliance Really Looks Like
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The Battle to Balance Vigilance and Suspicion
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Meeting Compliance Challenges: Leveraging the Value of Outsourcing
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Managing the He Said, She Said Investigation
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Evolution of Compliance: 2013 State of Compliance Survey Results
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Data Sharing and Compliance in the Healthcare Industry
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