Federal regulators have cracked down on the use of texts messages and messaging platforms for business communications, using their broad authority to root out record retention violations, resulting in significant fines and...more
10/20/2023
/ Broker-Dealer ,
CFTC ,
Compliance ,
Email ,
Enforcement Actions ,
FERC ,
Financial Industry Regulatory Authority (FINRA) ,
Fines ,
Insider Trading ,
Instant Messaging Apps ,
Investment Adviser ,
Mobile Devices ,
Multi-Factor Authentication ,
Policies and Procedures ,
Record Retention ,
Regular Business Communications ,
Sanctions ,
Securities and Exchange Commission (SEC) ,
Software ,
Text Messages
On June 22, 2020, the Supreme Court of the United States issued its decision in Liu v. SEC further limiting the SEC’s remedial powers. While the Court affirmed the SEC’s ability to obtain disgorgement for violations of...more
6/25/2020
/ 15 U.S.C. § 78u(d)(5) ,
Administrative Authority ,
Business Expenses ,
Calculation of Damages ,
Corporate Misconduct ,
Disgorgement ,
Enforcement Actions ,
Kokesh v SEC ,
Lack of Authority ,
Liu v Securities and Exchange Commission ,
Net Profits ,
Remedies ,
SCOTUS ,
Securities and Exchange Commission (SEC)
On May 9, 2018, the U.S. Securities and Exchange Commission ("SEC") announced it charged a registered municipal advisor (the "MA Firm") and its owner (the "MA Owner") with defrauding their client, a Texas school district, in...more
5/14/2018
/ Breach of Duty ,
Civil Monetary Penalty ,
Conflicts of Interest ,
Disclosure Requirements ,
Disgorgement ,
Enforcement Actions ,
Fiduciary Duty ,
Municipal Advisers ,
Municipal Bonds ,
Rule G-17 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
On January 17, 2017, the U.S. Court of Appeals for the D.C. Circuit vacated in part a Securities and Exchange Commission (SEC) order that imposed a collateral bar against Gregory Bartko, the former CEO and chief compliance...more
2/28/2017
/ Broker-Dealer ,
CEOs ,
Collateral Bars ,
Criminal Conspiracy ,
Criminal Convictions ,
Dodd-Frank ,
Enforcement Actions ,
Mail Fraud ,
Retroactive Application ,
Sanction Suspensions ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Unregistered Securities ,
Vacated
On June 13, 2016, the Securities and Exchange Commission (SEC) accepted the settlement offers made by two firms and three executives charged with using deceptive business practices in dealing with five school districts. As...more
7/22/2016
/ Bids ,
Cease and Desist ,
Civil Monetary Penalty ,
Confidential Information ,
Corporate Executives ,
Dodd-Frank ,
Enforcement Actions ,
Fiduciary Duty ,
Injunctive Relief ,
MSRB ,
Municipal Advisers ,
Rule G-17 ,
School Districts ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Settlement Offer ,
Unfair or Deceptive Trade Practices
In an unprecedented exercise of its authority to charge municipal officials with “control person” liability, the Securities and Exchange Commission (SEC) recently announced fraud charges against the City of Allen Park,...more
The United States Court of Appeals for the Second Circuit yesterday vacated a closely-watched 2011 decision by U.S. District Court Judge Jed Rakoff rejecting a $285 million fraud settlement between Citigroup Inc. and the U.S....more
6/5/2014
/ Chevron Deference ,
Citigroup ,
Collateralized Debt Obligations ,
Consent Decrees ,
Enforcement ,
Enforcement Actions ,
Interlocutory Appeals ,
Judge Rakoff ,
Popular ,
Risk Management ,
SEC v Citigroup ,
Securities and Exchange Commission (SEC) ,
Settlement