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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 Launch Cybersecurity Exams of Investment Firms, Offers Sample Document Requests

April 18, 2014

On April 15, 2014, the SEC's Office of Compliance Inspections and Examinations quietly disclosed its examination module pertaining to cybersecurity. The disclosure came in the form of a Risk Alert which noted that OCIE will be conducting examinations of more than 50 registered broker-dealers and registered investment advisers.
 

SEC's David Gottesman Named Deputy Chief Litigation Counsel

April 18, 2014

The SEC announced this week that 10-year agency veteran David J. Gottesman has been named Deputy Chief Litigation Counsel in the Division of Enforcement.
 

SEC Employee's Goodbye Party Leads to More than Cake and Farewells

April 11, 2014

Somehow, James Kidney's SEC goodbye party departed from standard employee party protocol into an SEC-bashing session eagerly jumped on by the national media. Is the incident suggestive of poor morale at the regulator? More details inside.
 

SEC Adds Two New Defendants to the Familial Betrayal Tree

April 10, 2014

On March 31, 2014, the SEC brought two unrelated cases that they announced together because of a common denominator we have tracked here for several years: familial betrayal.
 

Why Law Firms Are a Breeding Ground for Insider Trading

April 08, 2014

There have been a spate of insider-trading cases against individuals who work at law firms and gain access to information about pending corporate mergers and transactions. And it's not always lawyers who are working on the sensitive cases and deals, but others who gain access to the firms' computer systems. Inside, columnist Bruce Carton looks at the vulnerability of law firms to insider-trading scams and why they need to bulk up their data security practices.
 

Award Payment to SEC's First-Ever Whistleblower Quadruples

April 07, 2014

Last week the Securities and Exchange Commission quadrupled its first-ever whistleblower award under the Dodd-Frank Act with an additional $150,000 payment to the anonymous informer. The SEC says it is making the additional payment to the whistleblower, who first received $50,000 in 2012, after collecting an additional $500,000 from a defendant involved in the case. More details inside.
 

SEC Chair White Testifies for FY 2015 Budget, Details Enforcement Initiatives

April 02, 2014

SEC Chairman Mary Jo White called on Congress to provide the agency with the $1.7 billion in funding outlined in President Obama's fiscal year 2015 budget. White explained in testimony that the funds would allow the SEC to hire an additional 639 new staffers and enhance IT. She also laid out a list of initiatives in the enforcement area, including the need to "keep pace with today's high-tech, high-speed markets." More inside.
 

60 Minutes: How High-Frequency Traders Have 'Rigged' the U.S. Stock Market

March 31, 2014

Last night on CBS' 60 Minutes, Steve Kroft interviewed author Michael Lewis. Lewis' new book, "Flash Boys," looks at the subject of high-frequency trading, and presents Lewis' conclusion that the U.S. stock market is "rigged."
 

SEC Charges Company and Founder With False Disclosures on Existence of CFO

March 28, 2014

The SEC announced fraud charges today against L&L Energy Inc., which operates out of China and Taiwan, and its founder for making numerous false disclosures, including a misrepresentation that the company had a CFO at all.
 

'Dark Web' Does Not Make Insider Traders Invisible

March 27, 2014

Even assuming that insider traders will be willing to bet their liberty and careers on the supposed anonymity of the Dark Web, there still seem to be a few problems with the argument that, going forward, only those insider traders too antiquated to use the Dark Web will be caught.
 

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