Litigation funding companies continue to rake it in from securities class action settlements in Australia. Most recently, National Australia Bank agreed to pay $115 million to settle a case brought by shareholders alleging that the bank did not disclose in a timely manner its $1.2 billion exposure to U.S. mortgage-backed securities during the 2007 and […]
Bruce Carton
Posted inRegulatory Enforcement
Former GC Urban to Compliance Officers: Make Sure You’re Covered by Indemnity Agreement
After waging a five-year, seven-figure defense against SEC charges, Theodore Urban, the former general counsel of Ferris Baker Watts LLC, has some advice for people who are considering taking on the position of compliance officer or general counsel: be sure the firm will indemnify you for the cost of a defense, or at least try to […]
Posted inFrom the Archive
Web Watch: Best of the Week Ending November 2
Throughout the week over at Securities Docket I highlight the most interesting columns and blog posts from around the web on the subjects of SEC enforcement and securities litigation. Here is a digest of my picks for the week ending November 2. M&A Litigation: A Potential Partial Solution to a Big Problem Douglas W. Greene, D&O […]
Posted inRegulatory Enforcement
SEC Warns Investors to Be on Lookout for Hurricane Sandy Scams
As Joe Mont noted earlier this week, federal regulators such as the Federal Reserve and the Federal Deposit Insurance Corporation have already begun to issue storm-related advice for the financial institutions they oversee. The SEC has begun to do so as well, providing a “FAQ Regarding Hurricane Sandy” on Regulation SHO, and announcing a grace period for […]
Posted inFrom the Archive
21-Month Sentence Just One of the Consequences of Former Deloitte Partner’s Insider Trading
A big part of the SEC and DOJ’s enforcement of the insider trading laws is to bring cases that will deter others from violating the insider trading laws in the future. Although the recently-concluded case against Thomas P. Flanagan ended with a lighter prison sentence than it could have, the full slate of consequences for […]
Posted inRegulatory Enforcement
SEC’s ‘Aberrational Performance Inquiry’ Initiative Produces Seventh Hedge Fund Case
The SEC announced last week that its much-scrutinized “Aberrational Performance Inquiry” initiative has now produced seven enforcement actions against hedge funds. As previously discussed here, the Aberrational Performance Inquiry initiative “uses proprietary risk analytics to identify hedge funds with suspicious returns. Performance that is flagged as inconsistent with a fund’s investment strategy or other benchmarks […]
Posted inRegulatory Enforcement
SEC’s ‘.44 Magnum’ Case Has Everything from One-Eyed Mystery Villains to Vegas Call Girls
The case filed by the SEC last week against Geoffrey H. Lunn and two other individuals for an alleged fraud called the “.44 Magnum Leveraged Financing Program” is one of those where you can’t help but shake your head as you read it. In fact, I defy you to not go into full “smh” mode, as […]
Posted inRegulatory Enforcement
SEC Commissioner Aguilar’s ‘No-Nonsense’ Proposals for a More Effective Enforcement Program
On Thursday, October 18, 2012, SEC Commissioner Luis Aguilar delivered an interesting speech on “Taking a No-Nonsense Approach to Enforcing the Federal Securities Laws.” Commissioner Aguilar’s remarks came at the inaugural Securities Enforcement Forum in Washington, D.C. Commissioner Aguilar argued that to be effective, the SEC’s enforcement program should focus on three key objectives: Individual […]
Posted inFrom the Archive
Awkward: Insider-Trading Trial of Banker’s Ex-Girlfriends Begins
I can almost feel the icy stares coming out of the courthouse in London, where prosecutors delivered their opening statements in the insider trading trial of not one but two girlfriends of former Mizuho International Plc investment banker Thomas Ammann. According to reports out of the UK, Ammann had inside information about a takeover of […]
Posted inRegulatory Enforcement
Andrew Calamari Appointed Director of SEC’s New York Regional Office
The SEC has named Andrew M. Calamari to serve as Director of its New York Regional Office. Calamari has been Acting Director of the New York office since the promotion of George Canellos to Deputy Director of the Division of Enforcement in June 2012. As Director, Calamari will lead the New York office’s staff of […]
