In March, I began tracking here the SEC’s trials to date in FY 2014 (which began on October 1, 2013), and the results in each case. On Friday of last week, the jury returned a verdict in what I believe to be the SEC’s 14th trial this year–its insider trading case against Nelson Obus, Peter Black and Thomas […]
Bruce Carton
Posted inRegulatory Enforcement
Timeline: SEC Enforcement Deputy Directors From 1994 – 2014
As noted here in Scuttlebutt, last week the SEC named Stephanie Avakian as the new Deputy Director of its Division of Enforcement. Avakian joins the SEC from law firm Wilmer Cutler Pickering Hale and Dorr, where she was vice chair of the firm’s securities practice. In the mid-to-late 1990s, Avakian served as a branch chief with […]
Posted inRegulatory Enforcement
ISS Recommends Ouster of Seven Target Directors for Data Breach Failures
If negative press, customer losses, legal fees, and massive lawsuits weren’t already enough to get corporate boards of directors to pay attention to the risk of data breaches, perhaps this will get their attention: Institutional Shareholder Services, a leading proxy advisory firm, is now urging shareholders of Target Corp. to oust seven of the company’s 10 […]
Posted inRegulatory Enforcement
SEC’s Ceresney Discusses Work of Enforcement Task Forces in ‘Areas of Growing Concern’
In his keynote address this week at Compliance Week 2014, SEC Enforcement Director Andrew Ceresney noted that having recently reached his one-year anniversary with the Commission, he wanted to share some of his thoughts on the Enforcement Division’s accomplishments and recent initiatives. Of particular note, Ceresney listed several task forces Enforcement has created over the past […]
Posted inAccounting & Auditing
Wait–WHO is Speaking About CPA Ethics in an Upcoming Webcast?!?
It seems like quite a mismatch at first glance but, upon reflection, maybe Scott London is the perfect person to be a panelist in an upcoming webcast on ethics for CPAs. London, as discussed numerous times on this site, is the former KPMG audit partner who pleaded guilty to insider trading in June 2013. Last month, London […]
Posted inEurope
Europe’s ‘Little Differences:’ Kerviel Walks 400 Miles to Surrender to French Authorities
You know what the funniest thing about Europe is? As Vincent explained so well in Pulp Fiction (see video below at 0:41, which contains a few curse words), it’s the “little differences.” I mean, they have convicted felons turning themselves into the authorities over there like we have here, but there it’s just a little different. […]
Posted inData Privacy
SEC, FINRA Taking a Closer Look at Cyber-Security Risks
After many years on the back-burner, cyber-security is suddenly a hot topic at the Securities and Exchange Commission and other regulators. The SEC is now looking closely at how best to protect the integrity of securities market systems and customer data, as well as how material information about data breaches at public companies should be […]
Posted inFrom the Archive
Senate Confirms Leslie Caldwell to Head DoJ’s Criminal Division
In September 2013, President Obama nominated Leslie Caldwell, former director of the Justice Department’s Enron Task Force, to replace Lanny Breuer as head of the DOJ’s Criminal Division. Eight months later, the U.S. Senate finally confirmed Caldwell yesterday on a voice vote. Breuer announced his resignation from the DOJ on January 30, 2013, and joined the law firm of Covington & Burling a […]
Posted inRegulatory Enforcement
Senate Confirms Leslie Caldwell to Head DOJ’s Criminal Division
In September 2013, President Obama nominated Leslie Caldwell, former director of the Justice Department’s Enron Task Force, to replace Lanny Breuer as head of the DOJ’s Criminal Division. Eight months later, the U.S. Senate finally confirmed Caldwell yesterday on a voice vote. Breuer announced his resignation from the DOJ on January 30, 2013, and joined the law firm of Covington & Burling a […]
Posted inRegulatory Enforcement
SEC Trial Scorecard Update: SEC Prevails in Fraud Trial Against Wyly Brothers
In March, I began tracking here the SEC’s trials to date in FY 2014 (which began on October 1, 2013), and the results in each case. On Monday of this week, the SEC completed its latest trial–a high-profile case against billionaire Samuel Wyly and the estate of his brother, Charles Wyly, who died in a car […]
