All articles by Bruce Carton – Page 8
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Cohen and Sansone Named Co-Chiefs for SEC's Market Abuse Unit
The SEC has named Robert Cohen and Joseph Sansone as the new Co-Chiefs of the Division of Enforcement’s Market Abuse Unit, filling the position recently vacated by Dan Hawke.
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Welcome to the Enforcement Action Art Gallery!
Welcome to the "Enforcement Action Art Gallery," this blog's collection of the finest SEC and securities enforcement-related art available anywhere.
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Gallagher Out: SEC Commissioner Sets Departure Deadline of Oct. 2
Nearly four months after SEC Commissioner Daniel Gallagher announced his intention to depart the SEC, no successor has been nominated by the White House. Today, Commissioner Gallagher issued a short statement indicating that his offer to stay on as a commissioner now has an expiration date: Friday, October 2, 2015.
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From Bad to Worse for Apple Day-Trader Sued by SEC
Things looked like they couldn't get much worse for an Apple day-trader sued by the SEC in February 2015 for a scheme that was allegedly quite audacious. But they just did.
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SEC Cites 'Analysis and Detection Center' in Recent Insider Case
A litigation release announcing the SEC’s headline-generating case against former JPMorgan analyst Ashish Aggarwal for insider trading included an interesting note: The Enforcement Division’s Market Abuse Unit was able to detect the insider trading “through trading data analysis tools in its Analysis and Detection Center.” This marks the first time ...
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De Niro to Play Bernie Madoff in HBO’s ‘Wizard of Lies’
Nearly six years after the scandal unfolded, HBO is moving forward with a film on the Madoff scandal based on Wizard of Lies, a book by NYT reporter, Diana B. Henriques. Robert De Niro will play the role of Bernard Madoff and Henriques will play herself in the movie.
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SEC Prevails in First Appellate Decision on Challenges to APs
Recently, respondents challenging the SEC’s ability to bring administrative proceedings have had success in two cases in federal district court. Last week, the Seventh Circuit became the first appellate court to weigh in on this issue and found in favor of the SEC. The Seventh Circuit held in Bebo ...
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Plan B? Feds Pursue Insider Trading Charges Under SOX
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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Report Shows Global Enforcement of Foreign Bribery Still Weak
Transparency International released its 11th annual OECD progress report last week. TI found that of the 41 countries that have agreed to make foreign bribery a crime for which individuals and enterprises are responsible, there is active enforcement in only four countries and little or no enforcement in 20 countries.
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SEC Files Rare Subpoena Enforcement Action Over Failure to Testify
The SEC is understandably loath to file subpoena enforcement actions. Such actions are basically a waste of time and resources, and involve getting a court to order people to do what they are already required to do. Sometimes, however, the SEC has no choice but to wield the "stick" of ...
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Shamoil Shipchandler Named Regional Director of SEC's Fort Worth Office
Shamoil T. Shipchandler has been named Regional Director of the SEC's Fort Worth Regional Office, filling the vacancy created when former Regional Director David Woodcock left the agency in June 2015 to join law firm Jones Day.
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Report: No Bias Found in SEC Hearings So Far
A report from the SEC’s inspector general says he is looking into allegations of bias among administrative law judges in the SEC’s administrative proceedings, but has found no evidence so far to support those accusations. More inside.
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DVR Alert: Showtime's Wall Street Drama 'Billions' Debuts January 17
I'm always up for watching some insider trading drama, and Showtime will attempt to deliver some on January 17, 2016 when it debuts its new Wall Street drama series, "Billions."
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‘Outsider Trading’ Crackdown Announced
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 ...
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Beware the 'SEC Impersonator' Scams Targeting Your Money
You might not think that fraudsters impersonating the SEC would be a significant or ongoing problem but the volume of the SEC's "Investor Alerts" on this topic would seem to suggest otherwise.
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The End: Prosecutors Wrap Up Case Against Final Madoff Defendant
Yesterday, over six years after the criminal case began in the Bernard Madoff Ponzi scheme case, the Madoff firm's long-time controller, Irwin Lipkin, was sentenced to six months in prison. Lipkin is the 15th -- and final -- defendant to be prosecuted in the Madoff case.
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Outgoing SEC Commissioner Gallagher Takes One Last Shot at Dodd-Frank
In what was likely his last formal speech as an SEC commissioner, Commissioner Dan Gallagher invoked into his inner Stuart Smalley to take aim one last time at his favorite target, the Dodd-Frank Act.
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Former Law Firm I.T. Employee Sentenced to Two Years for Brazen Insider Scheme
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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U.S. Asks Supreme Court to Review 'Erroneous' Newman Decision
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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SEC's Dan Hawke, Chief of Market Abuse Unit, Departing Agency
The SEC's Dan Hawke, Chief of the Division of Enforcement’s Market Abuse Unit, will be leaving the agency after 16 years of service.