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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInCalifornia Board of Directors Diversity Bill Signed Into Law, Challenged by Lawsuit | The D&O Diary
In addition to the recent litigation, efforts to advance board racial diversity have included legislation. Earlier this year, the California legislature passed a bill mandating the inclusion on boards of California headquartered companies of representatives of “underrepresented communities.” On September 30, 2020, California Governor Gavin Newsome signed the bill into law. As discussed below, even […]
An Update on FY 2020 Results – Remarks at SEC Speaks
To elaborate on the “results speak for themselves” point, I would like to summarize some recent statistics I shared with our staff. Starting with the Division of Enforcement, the Commission brought over 700 actions in FY 20, a significant percentage of which were brought after March 15. The Commission obtained financial remedies of more than […]
Red flags for directors: SEC may take magnifying glass to disclosures involving significant judgments in COVID-19 era – Lexology
During a discussion of red flags that should draw directors’ attention, Ms. Stone noted that the SEC may take a magnifying glass to disclosures involving significant judgements and estimates, particularly in the current economic conditions. She quoted her former colleague Steven Peikin, previous Co-Director of the Division of Enforcement, who stated in a speech at […]
Attorney General William P. Barr Announces Publication of Cryptocurrency Enforcement Framework | OPA | Department of Justice
“At the FBI, we see first-hand the dangers posed when criminals bend the important technological promise of cryptocurrency to illicit ends,” said FBI Director Christopher Wray. “As this Enforcement Framework describes, we see criminals using cryptocurrency to try to prevent us from ‘following the money’ across a wide range of investigations, as well as to […]
SEC Names Nichola L. Timmons Chief of New Office of Bankruptcy, Collections, Distributions, and Receiverships
The Securities and Exchange Commission today announced that Nichola L. Timmons has been named Chief of the newly-formed Office of Bankruptcy, Collections, Distributions, and Receiverships in the Division of Enforcement. This new office will centralize existing functions to continue to achieve efficiencies and maximize results for investors. Among other things, the office will oversee the […]
Prosecutor: ‘It is time for Collins to begin his prison sentence’ | Local News | buffalonews.com
Former Rep. Chris Collins wants his 26-month prison sentence converted to home confinement, but the top government prosecutor in the case is saying, in essence, lock him up – and right away.” The public has an interest in seeing justice done in this case without further delay,” wrote Audrey Strauss, the acting U.S. attorney for the […]
GE Says It Has Received ‘Wells Notice’ From SEC Relating to Accounting Investigation — Update | MarketScreener
Federal securities regulators have warned General Electric Co. the company could face a civil-enforcement action over its accounting for a legacy insurance business, adding a fresh hurdle to efforts to turn around the once-mighty manufacturer. The industrial giant said in a securities filing Tuesday that it received the so-called Wells notice on Sept. 30 over […]
What Just Happened to SEC Insider Trading Disgorgement? | LinkedIn
The SEC’s problem in insider trading cases is that there are rarely any easily identifiable investor victims (especially in so-called “misappropriation” cases, where the putative victim is nearly always a company or individual who didn’t trade or lose any money). In any event, it is rarely cost-effective to try to find them all and distribute relatively […]
Tipsters Get $175 Million From SEC in Record Year for Program – Bloomberg
The U.S. Securities and Exchange Commission paid about $175 million to 39 whistle-blowers in the past year, setting a record for a program that rewards tipsters for helping the agency go after corporate wrongdoing. Six awards were announced by the SEC on Wednesday, the final day of the federal government’s fiscal year. In the biggest […]
Insider trading scandal ‘final nail in the coffin’ for index committees
The role of index committees at S&P Dow Jones Indices was thrown into the spotlight last week after one of its members allegedly made $900,000 from insider trading on index changes he was privy to. James Yang, a senior index manager at SPDJI, was responsible for managing a wide range of US indices with more than $70bn […]