Usually the most “exciting” bit of promotion you see out of lawyers practicing in the SEC enforcement area is to author a client memo or article breaking down some new development. In the video below, however, WilmerHale’s Jonathan Shapiro does a great job of taking an article he had recently written in the San Francisco Daily Journal […]
Bruce Carton
Posted inFrom the Archive
NoDoz: Early Birds Needed to Work at SEC
President Obama’s choice to be the next SEC Chairman, Mary Jo White, has already sailed through her Senate hearing and been approved by the Senate Banking Committee by a vote of 21-1. With her approval by the full Senate looking like a lock, it appears she will be moving her office from Debevoise & Plimpton in New […]
Posted inRegulatory Enforcement
Former CalPERS CEO Indicted for Fraud, False Statements
In April 2012, the SEC sued Federico Buenrostro, the former CEO of CalPERS, for allegedly conspiring with a friend, Alfred Villalobos, to defraud private equity firm Apollo Global Management into paying $20 million in fees to the friend’s placement agent firms. The SEC alleged that Buenrostro and Villalobos fabricated investor disclosure letters that had been requested by Apollo as a prerequisite for […]
Posted inRegulatory Enforcement
SEC Announces Record $600 Million Insider Trading Settlement
The SEC announced today that hedge fund advisory firm CR Intrinsic Investors has agreed to pay more than $600 million to settle an SEC lawsuit alleging that CRII “participated in an insider trading scheme involving a clinical trial for an Alzheimer’s drug being jointly developed by two pharmaceutical companies” (Elan and Wyeth). CRII is an affiliate […]
Posted inFrom the Archive
Levitt: Mary Jo White ‘Tougher, More of a Fighter’ Than Schapiro
Former SEC Chairman Arthur Levitt weighed in yesterday on Mary Jo White, President Obama’s pick to be the next SEC chairman. Levitt’s comments came on the same day that White encountered little opposition from senators in her Congressional confirmation hearing. In a video interview with Bloomberg, Levitt was highly complimentary of White, saying that he believes […]
Posted inFrom the Archive
Court Ruling Puts Pressure on SEC to Move Quickly on Fraud Cases
Last month the U.S. Supreme Court unanimously rejected the Securities and Exchange Commission’s argument that the clock on its five-year statute of limitations to bring fraud cases should not begin to run until the time when the fraud is discovered. The court’s decision in Gabelli v. SEC marks a resounding setback for the SEC and […]
Posted inRegulatory Enforcement
SEC Brings Second-Ever Case Against a State for Public Pension Disclosures
Today, the SEC filed an administrative proceeding against the State of Illinois alleging securities fraud for misleading municipal bond investors about the state’s approach to funding its pension obligations. The case marks the second time that the SEC has charged a state with violating federal securities laws in their public pension disclosures. The agency brought a similar […]
Posted inRegulatory Enforcement
A Refreshing Perspective on the Revolving Door Issue
With a never-ending supply of cynicism and conspiracy theorists out there on the subject of the SEC, it is always refreshing and a bit surprising for me to come across commentary from other perspectives. On the topic of the “revolving door,” for example, there are many, many folks out there who believe that the “regulatory capture” […]
Posted inFrom the Archive
New Name Surfaces as ‘Leading Candidate’ to Become Next SEC Enforcement Director
Ever since the SEC’s announcement on January 9, 2013 that now-former Director of Enforcement Robert Khuzami’s would be leaving the agency, I’ve been speculating here on who the next Enforcement Director might be. Since that time, of course, the agency named George S. Canellos as Acting Director, but that does not necessarily mean that Canellos will be incoming SEC Chair […]
Posted inRegulatory Enforcement
Study Shows Even Greater Levels of M&A Litigation in 2012
A study by Cornerstone Research showed that in 2010 and 2011, no less than 91 percent of merger and acquisition deals valued at more than $100 million became the subject of lawsuits, and an amazing 95 percent of all proposed acquisitions valued at more than $500 million were attacked by subsequent lawsuits in those years […]
