All Regulatory Enforcement articles – Page 145
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Blog
Ceresney flashback: deposing ‘The Donald,’ part II
More details from the December 2007 deposition of Donald Trump conducted by then-private lawyers Andrew Ceresney and Mary Jo White—“an interrogation unlike anything else in the public record of Trump’s life” focused primarily on his honesty. Bruce Carton reports.
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Blog
SEC fines company for anti-whistleblower severance deals
With a warning to companies that rely upon severance agreements, the SEC has settled with an Atlanta-based building products distributor over allegations it violated securities laws by requiring outgoing employees to waive their right to monetary recovery if they filed a whistleblower complaint. Joe Mont reports.
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Hybrid group of professional whistleblowers and insiders on cusp of huge awards
A new hybrid group of professional whistleblowers and corporate employees is about to get paid massive sums for their efforts to uncover securities law violations in the foreign exchange markets. Bruce Carton reports.
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Article
SEC modifies administrative proceedings, but did it go far enough?
The SEC views administrative proceedings as a streamlined, time-sensitive process that can adjudicate certain enforcement actions that would otherwise clog federal courts. Critics see an unfair process that stacks the deck in favor of the Commission. The big issue, writes Joe Mont, is whether new procedural changes can appease detractors.
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DoJ sends clear signal in the LATAM/LAN FCPA enforcement action
A recent Foreign Corrupt Practices Act case found LATAM Airlines Group shouldering a heavy burden, paying out approximately $22.2 million in penalties. The significant costs, notes Tom Fox, seems to imply the Justice Department’s FCPA Pilot Program is working.
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Blog
Cardiologist facing criminal, SEC charges for trading based on clinical trials
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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Blog
Anti-corruption efforts slowly gain steam in Latin America
A majority of executives in Latin America may think their country’s anti-corruption laws are ineffective, but a recent survey by law firm Miller & Chevalier and 13 partner firms based in the region offers evidence of region-wide improvements in corporate compliance measures. Joe Mont has more study details.
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Fed hits Goldman Sachs over use of supervisory information
The Federal Reserve Board has ordered Goldman Sachs Group to pay a $36.3 million civil penalty for the unauthorized use and disclosure of confidential supervisory information in presentations to clients and prospective clients. Joe Mont reports.
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Prosecutors announce latest guilty plea in unprecedented hacking and trading scheme
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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Article
Canadian securities regulators disagree on whistleblower incentives
Following the Securities and Exchange Commission’s lead, Canadian securities regulators have launched two very different whistleblower programs—one provides a bounty, the other does not—which creates new legal risks for companies. Jaclyn Jaeger reports.
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Article
Australia brings first criminal cartel prosecution
As Australia gets serious about enforcing its antitrust regulations, multinationals operating in the country are learning the hard way that the line between being considered a monopoly and a criminal cartel is surprisingly thin. Jaclyn Jaeger has more.
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Blog
What states’ suit against VW means for corporate officer liability
New York, Maryland, and Massachusetts are claiming that top managers at VW were either specifically involved in the development and implementation of vehicle defeat devices, or knew of the issues that led to their creation. What does this mean for VW’s future—and, for that matter, what does it mean for ...
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People, please stop making these two insider-trading mistakes!
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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State Street to pay $382 million for foreign currency exchange fraud
State Street Bank and Trust Company has agreed to pay a total of $382.4 million to the United States to resolve allegations that it deceived some of its custody clients when providing them with indirect foreign currency exchange (FX) services. Jaclyn Jaeger reports.
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Blog
OMI Chief Vincente L. Martinez departing SEC next month
Vincente L. Martinez, Chief of the SEC’s Office of Market Intelligence since 2013, is leaving the agency next month. OMI plays a critical role in the SEC's Enforcement Division's collection, evaluation, and dissemination of the tips and referrals that come into the agency.
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Blog
Ceresney flashback: Deposing 'The Donald' in 2007
We have written here for years about Andrew Ceresney's work as the Director of the SEC's Division of Enforcement. Ceresney joined the SEC in 2013, but he had a long legal career before that--including an interesting case now making headlines from his days in the private sector that involves the ...
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Volkswagen channeled Lance Armstrong
How does Volkswagen’s conduct around its emission-testing scandal mirror the actions of Lance Armstrong? For one thing, both were involved in the largest scandals in their respective spheres: Armstrong in cycling, and Volkswagen in car manufacturing. Yet, the similarities go even further. Tom Fox reports.
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Adding ‘father-son’ to the Familial Betrayal list
The upcoming insider-trading trial of a former Perella Weinberg Partners managing director may present “familial betrayal” of the father-son variety. Sean Stewart will go on trial on July 25, 2016, on charges that he tipped his father, Bob Stewart, in advance of five healthcare mergers. Bruce Carton reports.
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Article
Compliance’s increasing role in preventing LGBT discrimination
To prevent potential employee discrimination lawsuits, companies are crafting ever-more inclusive policies regarding sexual and gender identity. But this is a sensitive topic with many unresolved details. David Bogoslaw reports.
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The new FCPA enforcement circle is now complete
A trio of recent Foreign Corrupt Practices Act enforcement actions shows just how much companies can spare themselves undue pain if they self-report violations early and without holding back. Tom Fox has more.