All articles by Bruce Carton
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SEC and DOJ allege insider trading related to hacked law firms
Yesterday, the SEC and the DOJ separately announced significant cases against three Chinese traders who made nearly millions in illegal profits by hacking into the computer networks of two "prominent New York-based law firms."
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Former SEC Chief Litigation Counsel Solomon Joining Cleary Gottlieb
In late November, the SEC announced the departure of Matthew C. Solomon, the Chief Litigation Counsel for the SEC’s Enforcement Division. This week, law firm Cleary Gottlieb announced that Solomon will join the firm's Washington, D.C., office as a partner in January 2017.
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Shark bites shark: Publicly-traded law firm on receiving end of securities class action
Bruce Carton reports on the case of Slater & Gordon and how professional courtesy couldn’t keep rival plaintiffs’ law firms from filing a securities class action against the struggling law firm.
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SEC enforcement director Ceresney to depart agency this month
The SEC announced today that Enforcement Director Andrew J. Ceresney will leave the agency by the end of this month. Ceresney has served as Enforcement Director (or Co-Director) since joining the SEC in April 2013. Deputy Director Stephanie Avakian will serve as Acting Director upon Ceresney’s departure,.
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Special ‘chairman’s flight’ leads to SEC action against United Airlines
Bruce Carton reports on the SEC’s case against United Airlines, which reportedly reinstated a money-losing non-stop flight “solely to curry favor with a public official.”
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SEC trial scorecard update: Agency starts FY 2017 with victory
Following its victory last week in an insider trading case in California, the SEC is off to a 1-0 start in its FY 2017 federal court trials.
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Final trial scorecard for FY 2016: SEC goes 4-1-1 in 6 trials
For the second straight year, the SEC litigated six federal court trials. This year, however, the SEC finally lost a trial -- albeit with an asterisk.
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SEC's Chair White to depart agency with Obama
There had been some discussion recently that perhaps SEC Chair Mary Jo White might stay on as chair until President-elect Trump found a new head for the agency, but no more. White announced today that she intends to depart the SEC at the end of the Obama Administration.
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What does President Trump mean for the SEC?
The United States has voted in Donald Trump as the next president. What does this mean for the SEC and financial regulation? The short answer, says Bruce Carton, is that while it is still far too early to know at this time, we do know a couple of things.
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Two thumbs up for David Smyth’s ‘Insider Trading Cartoon Series’
Bruce Carton looks at former SEC enforcement attorney David Smyth’s “The Insider Trading Cartoon Series,” a 10-part (and counting!) cartoon series of interesting lessons about the intriciacies of insider-trading law.
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Will SEC Chair White stay at agency until her successor is in place?
SEC Chair White has reportedly been asked by both the Clinton and Trump campaigns if she will consider staying on until her successor is in place. Congress' failure to act on two existing commissioner vacancies on the five-person SEC has further raised the stakes on this decision.
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SEC Enforcement's John Berry named Associate Regional Director in L.A. regional office
The SEC has named John W. Berry as Associate Regional Director for Enforcement in its Los Angeles Regional Office, filling the senior position formerly held by C. Dabney O’Riordan.
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Sen. Warren asks President Obama to appoint new SEC chair
Apparently, you can only express your “disappointment” in someone so many times before you need to go to Plan B—take it up with the boss. Bruce Carton explores Sen. Elizabeth Warren's request of President Obama to replace SEC Chair Mary Jo White.
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SEC's Melissa Hodgman Named Associate Director in Enforcement
The SEC's Melissa Hodgman has been named as an Associate Director in the Division of Enforcement, filling a key senior position left vacant when Stephen L. Cohen departed the agency in June 2016.
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Time for ‘Le Journal de Jérôme Kerviel, part deux?’
In 2008, Bruce Carton wrote about the saga of Jérôme Kerviel—a comic book that told the story of the then-31-year old junior trader who nearly brought down French bank, Société Générale, with his rogue trading. In light of more Kerviel-related events since 2008, is a sequel in order?
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Jane Norberg named chief of SEC's Office of Whistleblower
Yesterday, the SEC named Jane Norberg as the new Chief of the SEC’s Office of the Whistleblower. Norberg, previously the Acting Chief, fills the position left vacant when Sean McKessy left the agency this summer.
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Poll: When will Fairfax and Peirce be confirmed as SEC commissioners???
Bruce Carton asks: Does anyone remember waaaaaaaaaaaay back in October 2015 when President Obama nominated Lisa Fairfax and Hester Peirce as SEC Commissioners? Please take a CW poll on when these nominees will be confirmed.
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2016 SEC trial scorecard update: agency now 4-1-1 after City of Miami trial
The SEC has prevailed in a jury trial against the City of Miami (which it labeled “a recidivist violator of the federal securities laws”) and Michael Boudreaux, the city’s former budget director. Bruce Carton has more enforcement hits and misses.
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'You don't want to mess with Mary Jo,' baseball edition
When President Obama introduced Mary Jo White to be his pick to be the new SEC Chair, he famously warned that "You don't want to mess with Mary Jo!" Everyone logically assumed that he was referring to would-be securities fraudsters not wanting to mess with Mary Jo, but perhaps he ...
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Law firm that ran whistleblower ads in theaters secures blockbuster award
When the Dodd-Frank whistleblower provisions were passed in 2010, some plaintiffs' lawyers believed that a lucrative new whistleblower practice area might be brewing. One law firm even created an ad seeking whistleblowers that ran as a movie preview in Manhattan theaters. Six years later, this marketing seems to seems to ...