All articles by Bruce Carton – Page 9
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Blog
AP Offers Up New Treasure Trove of SEC-Related Videos
The Associated Press made hundreds of thousands of video stories dating from 1895 to the present available on its YouTube channels. The newly available videos include countless clips that may be of interest to compliance professionals. The channel features clips such as the “House committee hearing on Madoff scandal” and ...
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SEC Wraps Up 'Alcoholics Anonymous' Insider Trading Case
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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FBI, SEC Pursue ‘Pump-and-Dump’ That May Tie to JPMorgan Hack
The FBI has arrested four men in a pump-and-dump stock scheme that authorities reportedly also believe may be related to the massive customer data hack that occurred last summer at JPMorgan. According to recent reports the four men were arrested “in connection with a series of fraudulent investment schemes involving ...
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SEC Alleges Loose Lips at Law Firm Led to Insider Trading
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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U.S. Chamber: 28 Recommendations on SEC Enforcement Practices
Today the U.S. Chamber of Commerce released an interesting, 64-page paper entitled, "Examining U.S. Securities and Exchange Commission Enforcement: Recommendations on Current Processes and Practices." The report offers 28 specific recommendations on how to improve the SEC enforcement process.
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SEC Chair White Responds to Sen. Warren’s ‘Disappointment’
In response to a lengthy list of grievances laid out by Sen. Elizabeth Warren in early June 2015, SEC Chair Mary Jo White has answered the Senator’s complaints. Specifically, White explained her recusals from certain cases (she had been granted permission to be recused from certain cases for two years), ...
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‘The U.K. Bribery Act After Five Years — Where Are We Now?’
On the eve of the anniversary of the U.K. Bribery Act of 2010, CW columnist Bruce Carton hosted a panel of U.K. experts to address where the SFO stands in its enforcement and prosecution of the Bribery Act, as well as other key issues such as the introduction of deferred ...
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The Return of 'Decimal Dust' and the SEC Penalties Act
Three years later, Sen. Chuck Grassley is re-introducing the SEC Penalties Act of 2012 -- and dusting off some old quotes.
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Sen. Warren and 'Liberal Allies' Derail Planned SEC Nomination
Sen. Elizabeth Warren and activist groups with which she is aligned have reportedly derailed President Obama's plan to nominate a corporate lawyer for a soon-to-be open Democratic seat on the Commission.
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Judge Rakoff Finds Newman Case Not Applicable to Tipper Liability
Last week, Judge Jed Rakoff denied Rajat Gupta's motion to vacate his conviction, finding that the landmark Newman case impacts tippee liability, not tipper liability.
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Brit Banking Regulator: Market ‘Cleaner,’ Insider Trading Down
In its most recent Annual Report, the UK's Financial Conduct Authority stated that its "market cleanliness" statistics continue to show a "significant decline in the incidence of potential insider trading cases" since 2009. The improvement coincides with a significant increase in insider trading enforcement in the UK.
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DOJ Joins Instagram ... Your Move, SEC!
The DOJ sees your Pinterest account, SEC, and raises you an Instagram account! Today the DOJ announced on the front page of its website that it has taken the Instagram plunge.
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My 15 'Must-Follows' on Twitter -- 2015 Edition
In May 2009, when Twitter was in its infancy, I created a list of "15 People All Securities and Corporate Litigators Should Follow on Twitter." I updated that list here in February 2010, adding and removing a few people as I tried to identify the people and organizations who "consistently ...
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Utah AG Brings Charges Against Latest 'Affinity' Ponzi Scheme
Shortly after Utah introduced the nation's first "White Collar Crime Offender Registry" to help fight affinity fraud, the state's Attorney General charged a father and son with 15 counts of securities fraud in which they allegedly exploited their membership in The Church of Jesus Christ of Latter-day Saints to win ...
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SEC, Secret Service Reportedly Investigating 'FIN4' Hackers
The SEC and the U.S. Secret Service are reportedly separately investigating a group of hackers called FIN4. In December 2014, cybersecurity firm FireEye Inc. released a report stating that FIN4 that was hacking the email accounts of top executives, lawyers and others in an effort to obtain non-public information about ...
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SEC in 1942: Everybody Into the Pool!
How did the SEC staff end up working at the bottom of a swimming pool in 1942? The SEC Historical Society has the answer.
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Same Old, Same Old With SEC Budget Process
On Wednesday, the House Appropriations Committee approved a fiscal year 2016 appropriations bill eerily similar to the bill Congress passed four years ago—both bills appropriate $222 million less than the SEC requested, freeze the SEC’s budget at the prior year’s level, and prohibit the SEC from drawing upon an important ...
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Sand Hill Exchange Founder Accepts Responsibility, Has Feedback for SEC
Despite a few outliers, most defendants in SEC settlements continue to settle cases "without admitting or denying" the allegations against them. While such language was also included in the Order memorializing the settlement of the SEC's recent administrative proceeding In the Matter of Sand Hill Exchange, et al., the settlement ...
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SEC Judge RSVP's 'No' to Commission's Invitation to Submit Affidavit
On June 4, 2015 the SEC issued an unusual order inviting one of its ALJs to file an affidavit addressing whether he has experienced any pressure to find in favor of the SEC in his cases. This week, the ALJ declined to do so, effectively RSVP'ing "no" to this "invitation."
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Former KPMG Partner Scott London out of prison, back to work
Scott London—the former KPMG partner who pleaded guilty to insider trading in June 2013 and was sentenced to serve 14 months in prison in April 2014—is out of prison and back to work. London is now employed as the assistant to the CFO of a computer company.