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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInCalifornia Companies Are Rushing to Find Female Board Members – The New York Times
In September 2018, California became the first state to legally compel corporate board diversity with a law mandating that every public company in the state have at least one female director by the end of 2019. The law set off a scramble to find hundreds of female directors, many of whom don’t fit the traditional […]
New corruption prosecutor opens 680 investigations | The FCPA Blog
In March this year, when the first Chief Anticorruption Prosecutor of Mexico was appointed, few would have bet that within only eight months she would already have 680 cases under investigation. Her early track record is even more impressive considering the challenges faced. via New corruption prosecutor opens 680 investigations | The FCPA Blog.
Silicon Valley IT Administrator and Friends Charged in Multimillion Dollar Insider Trading Ring
According to the SEC’s complaint, Janardhan Nellore, a former IT administrator then at Palo Alto Networks Inc., was at the center of the trading ring, using his IT credentials and work contacts to obtain highly confidential information about his employer’s quarterly earnings and financial performance. As alleged in the complaint, until he was terminated earlier […]
Patrick Bryan Named PCAOB Director of the Division of Enforcement and Investigations
The Public Company Accounting Oversight Board today announced that Patrick Bryan has been named the PCAOB’s Director of the Division of Enforcement and Investigations. In this role, Mr. Bryan will advance the organization’s investigations and litigation of violations of PCAOB rules and other applicable securities regulations. *** Mr. Bryan currently serves as the Assistant General […]
Kenneth Lench Named PCAOB General Counsel
The Public Company Accounting Oversight Board today announced that Kenneth Lench has been named the PCAOB’s General Counsel. In this role, Mr. Lench will provide legal advice and counsel to the Board regarding all PCAOB operations and activities. “Ken brings deep experience in securities law and the capital markets, and will be an excellent addition […]
SEC Cracks Down on Earnings Management
The SEC is taking renewed aim at earnings management, and this time it’s not just improper revenue recognition. Both in its recent enforcement order against Marvell Technology Group—imposing s $5.5 million fine and a cease-and-desist order—and in its on-going action against Under Armour, the SEC has focused on what, anecdotally, is not a terribly uncommon […]
Ransomware Gangs Now Outing Victim Businesses That Don’t Pay Up — Krebs on Security
As if the scourge of ransomware wasn’t bad enough already: Several prominent purveyors of ransomware have signaled they plan to start publishing data stolen from victims who refuse to pay up. To make matters worse, one ransomware gang has now created a public Web site identifying recent victim companies that have chosen to rebuild their […]
SEC Charges Former Goldman Sachs Executive With FCPA Violations
According to the SEC’s order, beginning in 2012, Leissner, as participating managing director of Goldman Sachs, used a third party intermediary to bribe high-ranking government officials in Malaysia and the Emirate of Abu Dhabi. The order finds that these bribes enabled Goldman Sachs to obtain lucrative business from 1Malaysia Development Berhard (1MDB), a Malaysian government owned […]
The SEC’s Whistleblower Bounty Program Needs Reform | ThinkAdvisor
However, encouraging more tips, rather than focusing on ways to improve the quality of the massive number of tips the SEC already receives, may bog down a program that already appears to struggle. As it happens, the SEC only investigates a small number of the tips it receives, and only an infinitesimal number of the […]
SFO warns it’s struggling to cope with workload – NZ Herald
The Serious Fraud Office has warned it won’t be able to run as many white-collar criminal investigations and prosecutions over the next two years and is already struggling to cope with very large cases. The fraud investigation agency made the remarks in answers to followup questions from Parliament’s justice select committee following its annual review […]