On Aug. 7, the U.S. District Court for the Southern District of New York issued its judgment in U.S. Securities and Exchange Commission v. Ripple Labs, Inc., marking the end of district court- level proceedings in the highly...more
8/12/2024
/ Civil Monetary Penalty ,
Corporate Counsel ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Pending Litigation ,
Permanent Injunctions ,
Popular ,
Ripple ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Summary Judgment ,
Unregistered Securities
The SEC’s Cybersecurity Proposals -
The SEC has proposed four rules designed to address cybersecurity risk and management, including incident reporting by public companies....more
7/21/2023
/ Board of Directors ,
Broker-Dealer ,
Corporate Governance ,
Corporate Management ,
Cybersecurity ,
Disclosure Requirements ,
Enforcement Actions ,
Investment Adviser ,
Investment Companies ,
Oversight Duties ,
Policies and Procedures ,
Proposed Rules ,
Publicly-Traded Companies ,
Risk Assessment ,
Risk Management ,
Securities and Exchange Commission (SEC)
On May 1, 2023, the New York State Department of Financial Services (DFS or Department) issued a consent order (Consent Order), imposing a $1.2 million fine on bitFlyer USA, a cryptocurrency trading platform and custodial...more
5/17/2023
/ BitLicense ,
Compliance ,
Consent Order ,
Crypto Exchanges ,
Cryptocurrency ,
Cybersecurity ,
Enforcement Actions ,
Enforcement Priorities ,
Financial Regulatory Agencies ,
Licenses ,
Licensing Rules ,
NYDFS
On January 4, 2023, the New York State Department of Financial Services (“DFS”) announced that Coinbase, Inc., a major U.S. cryptocurrency exchange, will pay a $50 million penalty and invest an additional $50 million in its...more
1/17/2023
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Coinbase ,
Compliance ,
Consent Order ,
Crypto Exchanges ,
Customer Due Diligence (CDD) ,
Cybersecurity ,
Enforcement Actions ,
Government Investigations ,
Know Your Customers ,
Money Transmitter ,
NYDFS ,
Office of Foreign Assets Control (OFAC) ,
Regulatory Violations ,
Settlement ,
Statutory Violations ,
Virtual Currency
On Nov. 3, 2022, the SEC announced a consent order against a registered investment adviser (RIA) and its chief executive officer (CEO) for failing to reasonably supervise one of the RIA’s investment adviser representatives...more
On October 11, 2022, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC) announced a $29 million civil monetary penalty against Bittrex, a...more
10/25/2022
/ Bank Secrecy Act ,
BSA/AML ,
Civil Monetary Penalty ,
Compliance ,
Consent Order ,
Crypto Exchanges ,
Cryptocurrency ,
Enforcement Actions ,
FinCEN ,
Office of Foreign Assets Control (OFAC) ,
Statutory Violations
Takeaways -
..U.S. Securities and Exchange Commission (SEC, or Commission) Chair Gary Gensler reaffirmed his view that the “vast majority” of cryptocurrency tokens are securities, and recent agency enforcement actions...more
Significant parallel actions commenced this week by the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) bring crypto fraud enforcement into the spotlight, with the SEC alleging that multiple...more
7/25/2022
/ Coinbase ,
Criminal Prosecution ,
Cryptoassets ,
Department of Justice (DOJ) ,
Digital Wallets ,
Enforcement Actions ,
Ethereum ,
Howey ,
Illegal Tipping ,
Indictments ,
Insider Trading ,
Material Nonpublic Information ,
Proposed Rules ,
Rule 10(b) ,
Rule 10b-5 ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Tokens ,
Securities Violations
As one of its latest enforcement actions, the Securities and Exchange Commission (“SEC” or “Commission”) continued its push into the fintech space by charging an alternative data provider with securities fraud for the first...more
In a speech before the Aspen Security Forum on August 3, 2021, Securities and Exchange Commission (“SEC” or “Commission”) Chair Gary Gensler urged lawmakers to provide him with the power to police cryptocurrency trading,...more
The Securities and Exchange Commission (“SEC” or “Commission”) recently issued a stark reminder to regulated persons that it will pursue enforcement actions if they prevent whistleblowers from communicating with the SEC or...more
For the first time since the Supreme Court’s 1983 decision in Dirks v. SEC, the United States Court of Appeals for the Second Circuit affirmed an insider trading conviction without proof of a personal benefit to the insider...more
The Supreme Court of the United States recently upheld a broad interpretation of the antifraud rule of the federal securities laws that likely will have far-reaching implications for enforcement and civil actions....more
4/4/2019
/ Appeals ,
Enforcement Actions ,
False Statements ,
Fines ,
Intent to Defraud ,
Investment Banks ,
Lorenzo v SEC ,
Material Dissemination ,
Misleading Statements ,
Reaffirmation ,
Rule 10b-5 ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Suspensions
Conflicts of interest in the advisory industry, particularly with respect to fees and expenses, continue to be at the forefront of the regulatory and enforcement agenda of the U.S. Securities and Exchange Commission (“SEC”). ...more
On February 12, 2018, the Division of Enforcement of the U.S. Securities and Exchange Commission (“SEC”) announced a new initiative to encourage advisers to self-report share class violations. Share class violations occur...more
These days it seems that everybody is considering getting into the distributed ledger technology business causing the United States Securities and Exchange Commission (“SEC”) and the securities plaintiffs’ bar to take notice....more
On October 25, 2017, the Hedge Fund Industry Practice Team hosted an event at the New York Yacht Club titled "Chair Clayton's Impact at the SEC." Hedge fund professionals, including general counsels, hedge fund principals and...more
Welcome to the 2017 Mid-Year Report from the BakerHostetler Securities Litigation and Regulatory Enforcement Practice Team.
The purpose of this report is to provide a periodic survey – in addition to our Practice Team...more
7/31/2017
/ Broker-Dealer ,
CFTC ,
Commodities ,
Dodd-Frank ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Hedge Funds ,
Insider Trading ,
Internal Reporting ,
Investment Adviser ,
Kokesh v SEC ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
SLUSA ,
Whistleblower Protection Policies ,
Whistleblowers
Welcome to the 2016 Year-End Report from the BakerHostetler Securities Litigation and Regulatory Enforcement Practice Team.
The purpose of this Report is to provide a periodic survey, apart from our team Executive...more
2/1/2017
/ Broker-Dealer ,
CFTC ,
Commodities ,
Conflicts of Interest ,
Dodd-Frank ,
Employee Retirement Income Security Act (ERISA) ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Markets ,
Foreign Corrupt Practices Act (FCPA) ,
Futures ,
Hedge Funds ,
Insider Trading ,
Investment Adviser ,
Popular ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
SLUSA ,
Whistleblower Awards ,
Whistleblower Protection Policies ,
Whistleblowers
This is the third year we are providing our annual Top Ten list of Enforcement Highlights. This time, it occurs towards the end of the tenure of SEC Chair Mary Jo White. Sullivan & Cromwell corporate securities and capital...more
Welcome to the 2016 Mid-Year Report From the BakerHostetler Securities Litigation and Regulatory Enforcement Practice Team.
The purpose is to provide a periodic survey, apart from our team Executive Alerts, on matters...more
8/2/2016
/ Bebo v SEC ,
Corporate Counsel ,
Dirks v SEC ,
Enforcement Actions ,
Exclusive Jurisdiction ,
Food and Drug Administration (FDA) ,
Merrill Lynch v Manning ,
Popular ,
PSLRA ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Litigation ,
SLUSA ,
Young Lawyers
On May 13, 2016, the Securities and Exchange Commission (SEC) caught many off guard when it issued an award to a whistleblower whose mid-investigation tip “significantly contributed” to the success of the resulting...more
Despite a decline in enforcement actions by the Securities Exchange Commission (“SEC”) and the Department of Justice (“DOJ”), the first half of 2015 has continued to highlight the relevance and ever-evolving effects of the...more
10/14/2015
/ Aerospace ,
Africa ,
Angola ,
Anti-Bribery ,
Anti-Corruption ,
Anti-Money Laundering ,
Avon ,
BHP Billiton ,
Brazil ,
Bribery ,
China ,
Clean Companies Act ,
Compliance ,
Corruption ,
Criminal Investigations ,
Criminal Prosecution ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Derivative Suit ,
DPA ,
Eli Lilly ,
Enforcement Actions ,
Federal Contractors ,
Federal Prosecutors ,
Fokker ,
Football ,
Foreign Corrupt Practices Act (FCPA) ,
Fraud ,
Goodyear ,
Hospitality Programs ,
India ,
Indictments ,
Medicaid ,
Medicare ,
Money Laundering ,
Olympics ,
PBSJ Corporation ,
PetroTiger ,
Popular ,
Public Utility ,
Racketeering ,
Russia ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Serious Fraud Office (SFO) ,
Settlement ,
Soccer ,
Sports ,
State-Owned Enterprises ,
Subject Matter Jurisdiction ,
UK Bribery Act ,
Wal-Mart ,
Whistleblowers ,
White Collar Crimes ,
Wire Fraud ,
World Cup
Welcome to the 2015 Mid-Year Report from the BakerHostetler Securities Litigation and Regulatory Enforcement Practice Team. The purpose is to provide a periodic survey, apart from our team Executive Alerts, on matters we...more
8/5/2015
/ 401k ,
Administrative Procedure Act ,
Bank of New York (BNY) Mellon ,
Broker-Dealer ,
CFTC ,
Commodities ,
Commodity Exchange Act (CEA) ,
Conflicts of Interest ,
Cybersecurity ,
Department of Justice (DOJ) ,
Dodd-Frank ,
Duty to Monitor ,
Employee Retirement Income Security Act (ERISA) ,
Enforcement Actions ,
False Statements ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Markets ,
Form 10-Q ,
Futures ,
Hedge Funds ,
Insider Trading ,
Interest Rates ,
Investment Adviser ,
KBR (formerly Kellogg Brown & Root) ,
Libor ,
Loss Causation ,
Merrill Lynch ,
Omnicare v Laborers District Council ,
OMWI ,
Pensions ,
Perez v Mortage Bankers Assoc ,
Popular ,
Registration Statement ,
Regulation SHO ,
RICO ,
RMBS ,
Scienter ,
SCOTUS ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Litigation ,
SLUSA ,
Stocks ,
Tibble v Edison Int ,
Tippees ,
UK ,
US v Newman ,
Whistleblowers
In This Issue:
- I. Supreme Court Cases Review
- II. Securities Law Cases
- III. Insider Trading Cases
- IV. Settlements
- V. Investment Adviser and Hedge Fund Cases
- VI. CFTC Cases and...more
2/10/2015
/ CFTC ,
Compliance ,
Enforcement ,
Enforcement Actions ,
Financial Institutions ,
Hedge Funds ,
Insider Trading ,
Investment Adviser ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Tolling