All articles by Bruce Carton – Page 6
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Blog
Steven Cohen Preparing Latest Constitutional Challenge to SEC's APs
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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SEC Settles Insider Case Based on Credit Card Sales Data
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 ...
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SEC's Aguilar Looks Back at Seven Years of Progress
SEC Commissioner Luis A. Aguilar will depart the SEC at the end of this month after serving as a commissioner for over seven years. With his last day at the SEC quickly approaching, Commissioner Aguilar posted an interesting statement on the SEC's website this week in which he shared some ...
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Sharks Dispense with Professional Courtesy, Circle Slater & Gordon
I joked here earlier this month that perhaps "professional courtesy" might spare publicly traded law firm Slater & Gordon -- a major player in pursuing cases for plaintiffs in Australian securities class actions -- from ending up on the receiving end of a shareholder class action. Alas, that is ...
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Navigating Dodd-Frank’s Whistleblower Provisions and the FCPA
The SEC recently reported that FY 2015 brought a new high for whistleblower tips regarding FCPA violations, and reiterated that the Dodd-Frank whistleblower incentive provisions have been a “game-changer” for FCPA enforcement. Last week, I hosted an interesting webcast on the subject of "Navigating the Minefield of Dodd-Frank’s Whistleblower Provisions ...
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"America's Most Hated Man" Martin Shkreli Arrested for Securities Fraud
In recent weeks, Martin Shkreli, CEO of Turing Pharmaceuticals AG, has become the the “most hated man in America” for unapologetically raising the price of an important HIV-fighting drug from $13.50 to $750. It was with unbridled glee, then, that the media reported that Shkreli was arrested this morning on ...
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CFTC Brings First Insider-Trading Case
Until last week, the CFTC had never brought an insider-trading case for commodities trading. Indeed, the only example of insider commodities trading that most lawyers (or anyone else) could probably point to would be the ill-fated effort of the Duke brothers in the Eddie Murphy movie Trading Places. Four years ...
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The Philippines Not Playing Around With Pyramid Schemers
The Philippines doesn't make a lot of news in the securities enforcement world. When the Philippines Securities and Exchange Commission does prosecute and convict someone for a major securities fraud, however, it doesn't play around!
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SEC Trial Scorecard Update: Agency Prevails in First FY 2016 Trial
Last week, the SEC prevailed at trial in SEC v. National Note of Utah and Wayne L. Palmer -- a bench trial alleging a Ponzi scheme. Following this victory, the SEC is now 1-0 in its FY 2016 federal court trials.
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Grand Opening: Photo Wing of the Enforcement Action Art Gallery!
In September 2015, I was motivated by an awesome drawing of the five SEC commissioners reimagined as WWE wrestlers to launch the Enforcement Action Art Gallery. It occurs to me, however, that there are many photographs that need to be preserved, as well. Welcome to the new Photo Wing!
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Signs of Life for SFO, Enforcement of Bribery Act 2010
This week has seen a trio of significant "firsts" from the UK's Serious Fraud Office, including its first-ever Deferred Prosecution Agreement and two cases brought under section 7 of the Bribery Act 2010.
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Law Firm Slater & Gordon Now Taking Its Lumps as Public Company
Slater & Gordon, a publicly-traded Australian law firm that is a major player in the plaintiffs’ securities class action area, must now contend with the consequences of its own stock price plummeting.
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SEC Sues Former Goldman Compliance Employee for Insider Trading
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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Where are the SEC Federal Court Trials?
After a surge in FY 2014, the number of trials that the SEC is completing in federal court appears to be drying up -- with just six such trials in FY 2015 and zero to date in FY 2016.
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Appellate Courts Tee Up Challenges to SEC In-House Proceedings
The issue of whether federal district courts have subject matter jurisdiction over challenges to the constitutionality of SEC administrative proceedings remains unsettled. Although the 7th Circuit found in favor of the SEC on this issue in August 2015, the controversial issue will soon be considered by both the 11th Circuit ...
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SEC's Piwowar Takes Another Shot at 'Flawed' Enforcement Statistics
In a speech this week, SEC Commissioner Michael S. Piwowar took another swipe at the SEC's enforcement statistics, jokingly comparing them to financial statements in a "world where GAAP or other reporting standards did not exist."
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Aguilar to Depart SEC by End of December 2015
Image: SEC Commissioner Luis Aguilar intends to step down at the end of December. In a letter to the president, Aguilar expressed pride in sponsoring the first Investor Advisory Committee, which was later mandated by Section 911 of Dodd-Frank. Aguilar will leave the SEC as the eighth longest-serving commissioner ...
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'Living Legend' Jacob Stillman Steps Down as SEC Solicitor
After 17 years as SEC Solicitor -- and 53 years of service at the SEC -- Jacob H. Stillman is stepping down from the Solicitor position. The SEC announced today that Stillman will remain as senior advisor to Michael A. Conley, who has been appointed as the new SEC Solicitor.
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Perplexed 'False Tweeter' Claims to Have No Interest in Stock Market
James Alan Craig is no retired Croatian underwear seamstress but the most recent developments in his "false tweets" case are starting to remind me a bit of the Sonja Anticevic saga from back in 2005.
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Drop in 2015 DOJ FCPA Settlements -- 'Sea Change' or Meaningless?
So far in 2015, the Justice Department has settled just two corporate Foreign Corrupt Practices Act cases—notably lower than the 10 in 2014, nine in 2013, and 11 in 2012. According to the Wall Street Journal, the decline is due to a “sea change” in the Justice Department’s foreign ...