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Second Circuit eases SEC's burden in "aiding and abetting" cases

McGuireWoods LLP
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USA
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August 12 2012

This week the U.S. Court of Appeals for the Second Circuit “lowered the bar” for the U.S. Securities and Exchange Commission to successfully bring enforcement actions against “aiders and abettors” of securities fraud

Sentencing Commission amends guidelines applicable in fraud cases

McGuireWoods LLP
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USA
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May 7 2012

The United States Sentencing Commission recently unveiled a number of key amendments to the Federal Sentencing Guidelines regarding securities fraud, insider trading, and financial institution fraud

Diamondback - a sign of the times

McGuireWoods LLP
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USA
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February 8 2012

The U.S. Securities and Exchange Commission announced recently that it had settled insider trading charges with Diamondback Capital Management LLC

SEC & DOJ settle bribery charges against Smith & Nephew

McGuireWoods LLP
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USA
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February 7 2012

The U.S. Securities and Exchange Commission (SEC) announced on Monday a settlement with London-based medical device company Smith & Nephew PLC to resolve charges that the company violated the US Foreign Corrupt Practices Act (FCPA) when its US and German subsidiaries bribed public doctors in Greece

SEC takes "neither admit nor deny" settlements off the table...sometimes

McGuireWoods LLP
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USA
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January 19 2012

The Securities and Exchange Commission announced on Friday, January 6th a significant new policy: companies that admit to criminal charges in securities fraud matters will no longer be able to settle SEC charges without admitting guilt in enforcement proceedings stemming from the same conduct

SEC Chairman Schapiro seeks higher penalties in enforcement actions

McGuireWoods LLP
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USA
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December 8 2011

On November 28, 2011, SEC Chairman Mary Schapiro sent a letter to Senator Jack Reed, Chairman of the Senate Subcommittee on Securities, Insurance and Investment, requesting “statutory changes that would further enhance the effectiveness of the Commission’s enforcement program by expanding the Commission’s authority to seek monetary penalties for the most serious securities law violations.”

SEC's Whistleblower Office releases annual report

McGuireWoods LLP
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USA
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December 6 2011

In November, the SEC’s Office of the Whistleblower released its Annual Report on the Dodd-Frank Whistleblower Program, detailing the quantity, quality and nature of the complaints it received during its first several weeks of operation, and describing the Commission’s responses to those tips

Identifying and resolving fraud and corruption cases in the US and the UK: part V (settlement & plea agreements)

McGuireWoods LLP
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United Kingdom, USA
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September 9 2011

The SEC and DOJ regularly enter into binding settlement and plea agreements to resolve fraud and corruption matters in both civil and criminal contexts

Identifying and resolving fraud and corruption cases in the US and the UK: Part IV (deferred and non-prosecution agreements)

McGuireWoods LLP
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United Kingdom, USA
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September 2 2011

In order to entice corporates to voluntarily disclose instances of fraud and corruption, meaningfully cooperate with government investigations, andor undertake remedial measures, the US Department of Justice and Securities and Exchange Commission will, in appropriate circumstances, enter into Deferred Prosecution Agreements (DPAs) and Non-Prosecution Agreements (NPAs) with corporations

Identifying and resolving fraud and corruption cases in the US and the UK: Part II (self reporting )

McGuireWoods LLP
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United Kingdom, USA
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August 19 2011

The SEC and DOJ have long encouraged corporates to voluntarily disclose possible violations of the law