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DOJ ANNOUNCES INSIDER TRADING CHARGES AGAINST FORMER TECH EXEC AND TWO OTHERS
NewsThe Department of Justice announced this week that a former Palo Alto, California, based global vice president of SAP SE and two others were indicted for their roles in a scheme to commit insider trading and money laundering, allegedly resulting in hundreds of thousands of dollars in profits.
SEC ANNOUNCES HIGHS IN ENFORCEMENT ACTIONS FOR FISCAL 2016
NewsThe SEC recently announced its enforcement results for fiscal year 2016 (ending September 30), stating that it reached new highs in the number of actions filed and in the money that was forfeited through disgorgement and penalties.
SEC PENALIZES DEUTSCHE BANK $9.5 MILLION FOR FAILING TO SAFEGUARD RESEARCH INFORMATION
Corporate Transactional Law, NewsThe SEC announced today that Deutsche Bank Securities agreed to pay a $9.5 million penalty for failing to properly safeguard nonpublic information generated by its research analysts. Deutsche Bank also published an improper research report and failed to properly preserve and provide certain electronic records sought by the SEC during its investigation.
SEC RECORDS RELEASE SHOWS NEAR UNANIMITY IN BRINGING ACTIONS
Corporate Transactional Law, NewsRecords just released by the SEC pertaining to its votes to bring legal action against companies and individuals revealed that the Commission is less divided on such votes than was commonly thought.
CREDIT SUISSE AGREES TO PAY $90 MILLION PENALTY TO SEC
Corporate Transactional Law, NewsThe SEC announced today that Credit Suisse AG agreed to pay a $90 million penalty and admit wrongdoing to settle charges of misrepresenting how it determined a key performance metric in its wealth management business. In addition, a former executive of Credit Suisse agreed to settle charges that he was a cause of the violations.
SEC CHARGES OIL & GAS COMPANY WITH WIDESPREAD SECURITIES FRAUD
NewsAegis Oil, LLC and its CEO and President were charged by the SEC with widespread securities fraud in offering $35 million in unregistered stock to 250 investors across the country.
BOFA AGREES TO $15.5 MILLION IN PENALTIES FOR MERRILL LYNCH “MINI FLASH CRASHES”
NewsBank of America agreed to pay a $12.5 million penalty to the SEC for its Merrill Lynch unit’s asserted failure to maintain effective trading controls and prevent erroneous orders that caused mini crashes, as well as agreeing to pay $3 million in fines to several exchanges, including the NYSE and NASDAQ, for the same purported failures.
SAN DIEGO ADVISER RAYMOND LUCIA ASKS FOR REHEARING ON CHALLENGE TO SEC IN-HOUSE COURTS
Corporate Transactional Law, NewsLast month, San Diego-based investment adviser Raymond Lucia suffered a rejection by a panel of the U.S. Court of Appeals for the District of Columbia Circuit of his request that the court consider his challenge to the constitutionality of the SEC’s use of in-house courts.
EXECS FOR THE “MOVIE STUDIO THAT WASN’T” CHARGED WITH FRAUD; FORMER NY GOVERNOR CHARGED WITH FAILING TO REPORT STOCK TRANSACTIONS AS DIRECTOR OF COMPANY
Corporate Transactional Law, NewsThe guess here is that former New York Governor David A. Paterson regrets ever becoming involved with Moon River Studios, a microcap company whose executives have just been charged with defrauding investors in a supposed project to construct a movie studio in Georgia.
JUDGE IN NEW TILTON CASE: WHY ARE WE HERE AGAIN?
Corporate Transactional Law, NewsLynn Tilton filed an unsuccessful suit to enjoin the SEC proceeding against her and her company, on the grounds that the appointment of the SEC administrative law judges was unconstitutional.
FEDERAL JUDGE IN GEORGIA DISMISSES CONSTITUTIONAL CHALLENGES TO SEC ACTIONS
Corporate Transactional Law, NewsDuring eighteen months of legal wrangling over the constitutionality of the SEC’s in-house courts, individual respondents challenging such proceedings had found success in the district court in Georgia, where Judge Leigh May had found that the tribunals were constitutionally defective. This ruling went against the majority trend of rulings around the country on the issue.
BOTH SIDES IN INSIDER TRADING CASE WANT PHIL MICKELSON TESTIMONY
Corporate Transactional Law, NewsThe SEC’s insider trading case against renowned sports bettor Billy Walters and former Dean Foods director Thomas Davis looks like it, features deposition testimony by pro golfer Phil Mickelson one way or the other, as both the SEC and Walters have listed Mickelson as a witness for deposition in the discovery phase of the matter.
SEC CHARGES MARIJUANA BUSINESSMEN WITH FRAUD
Corporate Transactional Law, NewsTwo men associated with Colorado marijuana company FusionPharm, Inc. were charged by the SEC with conspiracy to defraud on Friday.
SEC GETS JURY VERDICT AGAINST CITY OF MIAMI
NewsThe SEC won a jury verdict this week against the City of Miami and former budget director, Michael Boudreaux. SEC v. City of Miami, Florida, Civil Action No. 1:13-cv-22600 (S.D. Fla. Verdict Sept. 14, 2016). The charges centered on fraudulent representations pertaining to three bond offerings.