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Enforcement Action

Jaclyn Jaeger is an Editor at Compliance Week. She writes on a wide variety of topics, including ethics and compliance, regulatory enforcement matters, risk management, technology, and more. Jaeger welcomes questions and comments from readers; she can be reached via e-mail at jaclyn.jaeger@complianceweek.com.
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Enforcement Action Blog
SEC charges former senior attorney at Apple with insider trading
Jaclyn Jaeger | February 13, 2019
The Securities and Exchange Commission today filed insider trading charges against a former senior attorney at Apple whose duties included executing the company’s insider trading compliance efforts.
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Enforcement Action Blog
SEC data analysis tool uncovers insider trading by executive
Jaclyn Jaeger | July 24, 2018
A senior executive at Alliance Fiber Optic Products agreed to settle charges that he made nearly $200,000 in illicit profits by trading on inside information in advance of three disappointing earnings announcements by the company, the Securities and Exchange Commission announced on July 24.
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Enforcement Action Blog
SEC charges Goldman Sachs VP in insider trading scheme
Jaclyn Jaeger | June 1, 2018
The SEC on May 31 charged a Goldman Sachs vice president of investment banking with repeatedly using his access to highly confidential information to place illicit and profitable trades in advance of deals on which the bank was providing investment banking advisory services.
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Enforcement Action Blog
Hedge fund adviser charged with inadequate insider trading controls
Joe Mont | August 22, 2017
A hedge fund advisory firm has agreed to pay more than $4.6 million to settle SEC charges that it had inadequate policies and procedures to prevent the misuse of inside information, including information about confidential government decisions.
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Enforcement Action Blog
SEC: hackers hit law firms, traded on nonpublic information
Joe Mont | December 27, 2016
In a first-of-its-kind case, the SEC has charged a trio of Chinese hackers with stealing and trading on nonpublic, market-moving data from law firms.
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Enforcement Action Blog
Must-read: Fortune's 'Overturned--The Hedge Fund Trader Who Beat the Feds'
Bruce Carton | August 26, 2016
The September 1, 2016 issue of Fortune has a terrific article detailing the legal saga of former hedge fund manager Todd Newman, the defendant in a hugely important insider trading decision that has had a major impact on how prosecutors and the SEC pursue such cases.
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Enforcement Action Blog
Cardiologist faces SEC charges for trading based on clinical trials
Bruce Carton | August 5, 2016
Dr. Edward Kosinski, a cardiologist in his late ’60s living in Weston, Connecticut, has been named as a defendant in a criminal prosecution—as well as an SEC enforcement action—charging him with insider trading for allegedly trading based on the confidential results of a clinical trial he conducted. Bruce Carton reports.
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Enforcement Action Blog
Latest guilty plea in unprecedented hacking and trading scheme
Bruce Carton | August 3, 2016
Almost exactly one year ago, the SEC and Justice Department both filed cases against a large group of hackers and traders who carried out an “unprecedented” insider-trading and hacking scheme. Now prosecutors have announced the latest guilty plea in the case—the fifth so far. Bruce Carton reports.
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Enforcement Action Blog
Don’t make these two insider-trading mistakes
Bruce Carton | July 29, 2016
Bruce Carton has been warning us for years about two insider-trading mistakes. Last month, a former partner at law firm Fox Rothschild was sentenced to six months in prison for allegedly making both of them. See inside.
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Enforcement Action Blog
60 Minutes: the fall of Roomy Khan and Raj Rajaratnam
Bruce Carton | May 23, 2016
Bruce Carton offers a look at a 60 Minutes piece called “Inside Edge” about former stock analyst Roomy Khan, who was caught early by federal prosecutors investigating insider-trading by hedge funds and ultimately became a critical government informant in the criminal case that brought down Galleon Group's Raj Rajaratnam and dozens of others.
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Enforcement Action Blog
Throwback Thursday: The three-digit insider trading case
Bruce Carton | March 3, 2016
At least one commentator declared this week's SEC insider trading case alleging illegal profits of just $1,083 to be the smallest insider trading case ever. Nope!
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Enforcement Action Blog
Level Global Case Continues to Rewind
Bruce Carton | January 26, 2016
Watching developments in the Level Global insider trading case -- which fell apart after the Second Circuit's landmark decision in Newman resulted in the conviction of its co-founder and another defendant being overturned -- feels like watching a movie rewind.
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Enforcement Action Blog
Interview With Former KPMG Partner Scott London on Why He Broke Bad
Bruce Carton | January 7, 2016
Today, NPR's Planet Money posted an interesting interview with former KPMG Partner Scott London about his insider trading ordeal, the famous "envelope of cash" photo, and why London ever agreed to become involved in the insider trading scheme in the first place.
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Enforcement Action Blog
Second Circuit Denies Rajat Gupta's Last Gasp Effort to Vacate Conviction
Bruce Carton | December 31, 2015
His imminent release from prison has not stopped former McKinsey & Company CEO and Goldman Sachs director Rajat Gupta from aggressively seeking to get his conviction vacated under the Second Circuit's landmark Newman decision. This week, the Second Circuit rejected Gupta's last gasp appeal in the case. -
Enforcement Action Blog
Steven Cohen Preparing Latest Constitutional Challenge to SEC's APs
Bruce Carton | December 24, 2015
The next constitutional challenge to the SEC's administrative proceedings process may be the most high-profile one to date. Lawyers for Steven A. Cohen confirmed that the SAC Capital founder intends to mount such a challenge if ongoing settlement talks are not successful.
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Enforcement Action Blog
SEC Settles Insider Case Based on Credit Card Sales Data
Bruce Carton | December 23, 2015
The SEC announced a partial settlement today in an unusual insider trading case that it brought earlier this year against Bonan Huang and Nan Huang -- two former employees in the fraud department at Capital One Financial Corp. The SEC alleges that the men made over $2.8 million in illegal profits by misappropriating credit card sales data on public companies.
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Enforcement Action Blog
SEC Sues Former Goldman Compliance Employee for Insider Trading
Bruce Carton | November 25, 2015
The SEC announced an insider trading case today against a former Goldman Sachs compliance employee who allegedly used his access to investment bankers' emails to glean, and profit from, inside information.
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Enforcement Action Blog
The Curious Incident of the 'Life Coach' and the Press Release
Bruce Carton | September 30, 2015
The SEC loves to craft press release headlines that feature defendants' interesting or high-profile jobs, but it missed a golden opportunity to do just that in its announcement of an insider trading case last week.
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Enforcement Action Blog
Newman Decision Leads to Rare Loss for SEC in an AP
Bruce Carton | September 14, 2015
SEC Administrative Law Judge Jason Patil dismissed an insider-trading case against a former Wells Fargo trader, noting that the SEC failed to prove that the person who allegedly tipped the trader did so for a personal benefit, as required by the Second Circuit’s disruptive opinion in U.S. v. Newman. Patil found that none of the supposed benefits to Bolan that the Commission alleged were sufficient in this case. Details inside.
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Enforcement Action Blog
Plan B? Feds Pursue Insider Trading Charges Under SOX
Bruce Carton | August 26, 2015
An unusual insider trading prosecution brought under a provision of SOX (rather than Section 10(b) of the Exchange Act) suggests that prosecutors are seeking a "Plan B" in the wake of the Second Circuit's disruptive decision in U.S. v. Newman.
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Enforcement Action Blog
‘Outsider Trading’ Crackdown Announced
Bruce Carton | August 11, 2015
The Justice Department and SEC both announced high-profile cases on Tuesday against a large group of hackers and traders. Over a five-year period, the group allegedly carried out a scheme that involved hacking more than 150,000 confidential press releases from the computer networks of Marketwired, PR Newswire Association, and Business Wire to execute illegal trades. This stolen information allegedly generated more than $30 million in illegal profits. Details inside.
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Enforcement Action Blog
Former Law Firm I.T. Employee Sentenced to Two Years for Brazen Insider Scheme
Bruce Carton | August 2, 2015
Last week, a former I.T. professional at law firm Wilson Sonsini Goodrich & Rosati, received a two-year sentence for a particularly brazen insider trading case scheme -- a scheme that foolishly ignored a huge “flashing stop sign,” according to the sentencing judge.
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Enforcement Action Blog
U.S. Asks Supreme Court to Review 'Erroneous' Newman Decision
Bruce Carton | July 30, 2015
Facing an August 3 deadline to appeal the Second Circuit's Newman decision, the United States today filed a petition for a writ of certiorari with the U.S Supreme Court. The U.S. argued that the Second Circuit's decision "erroneously departed" from the Supreme Court’s decision in Dirks v. SEC.
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Enforcement Action Blog
SEC Wraps Up 'Alcoholics Anonymous' Insider Trading Case
Bruce Carton | July 23, 2015
Last week, the SEC announced the final resolution of an insider trading case that flowed from the most unusual of betrayals: information allegedly misappropriated from a senior executive who was confiding in a someone through their relationship at Alcoholics Anonymous.
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Enforcement Action Blog
SEC Alleges Loose Lips at Law Firm Led to Insider Trading
Bruce Carton | July 17, 2015
Yesterday, the SEC filed a second insider trading case alleging that non-public information was leaked by a legal assistant whose law firm was advising on a merger involving Harleysville Group, Inc.
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