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Results: 1-10 of 44

Fifth Circuit holds that political contributions from Ponzi schemers are fraudulent transfers

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • November 29 2012

The United States Court of Appeals for the Fifth Circuit, on Oct. 22, 2012, held that $1.6 million in political contributions made to five different political committees by Ponzi scheme defendants between 2000 and 2008 were fraudulent transfers made “with actual intent to hinder, delay, or defraud creditors” under the Texas version of the Uniform Fraudulent Transfer Act

New FCPA guidance highlights importance of effective compliance procedures

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • November 19 2012

On Nov. 14, 2012, the Department of Justice (“DOJ”) and the Securities and Exchange Commission (“SEC”) jointly issued A Resource Guide to the U.S. Foreign Corrupt Practices Act (the “Guide”

Insider trading developments

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • September 21 2012

While the insider trading conviction of Rajat Gupta and SEC settlement with Hall of Fame baseball player Eddie Murray attracted headlines and the 12-year prison sentence imposed earlier this summer on former corporate attorney Matthew Kluger set a new standard for criminal insider trading penalties there have been several other legislative, regulatory and judicial developments in recent months relating to insider trading that are of equal or greater significance

Eleventh Circuit insulates hedge fund investors in Ponzi scheme from fraudulent transfer attack

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • February 1 2012

The U.S. Court of Appeals for the Eleventh Circuit, on Oct. 27, 2011, held “that a defrauded investor in a Ponzi scheme gives ‘value’ to the Debtors in exchange for a return of the principal amount of the investment, but not as to any payments in excess of principal.”

FinCEN issues final rules and interpretive guidance relating to prepaid access

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • January 6 2012

On July 29, 2011, the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the U.S. Department of the Treasury, issued a final rule (the “Prepaid Access Rule” or the “Rule”), amending the Bank Secrecy Act (“BSA”) rules relating to prepaid access

Recent FCPA developments highlight risk of individual liability

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • December 28 2011

Two recent developments bring the potential for individual criminal liability under the U.S. Foreign Corrupt Practices Act (“FCPA”) back into the spotlight

FinCEN issues final rules relating to MSB definitions

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • October 26 2011

On July 21, 2011, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued a final rule, revising the regulations regarding money services businesses

Second Circuit rules against net winners in Madoff “net equity” dispute

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • August 18 2011

In a decision likely to affect thousands of Madoff investors, the Second Circuit Court of Appeals on Aug. 16, 2011 unanimously upheld the method used by the liquidating trustee for Bernard L. Madoff Investment Securities LLC (“BLMIS”) to calculate investors’ “net equity” when determining how customer property will be distributed in the BLMIS liquidation

SEC whistleblower rules encourage but do not require internal reporting

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • June 2 2011

A month after their scheduled release date, the Securities and Exchange Commission ("SEC") voted 3-2 to adopt final rules implementing the hotly-debated whistleblower provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act"

FinCEN issues proposed CISADA reporting requirements under Section 104(e)

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • June 1 2011

On April 26, 2011, the U.S. Department of the Treasury’s (“Treasury”) Financial Crimes Enforcement Network (“FinCEN”) issued a Notice of Proposed Rulemaking implementing Section 104(e) (the “Proposed Rule”) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, Pub. L. No. 111-195, 124 Stat. 1312 (2010) (“CISADA”

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