When the SEC brings a case against a defendant in federal court, it almost always seeks a curious remedy – an injunction not to violate the statute it is accusing the defendant of violating. Now, the law already requires what the proposed injunction would say. If Section 10(b) of the Exchange Act says you’re not… Continue Reading
Monthly Archives: November 2011
Pfizer’s $60 Million FCPA Pricetag is Likely Only the Beginning
Posted in FCPAThe Wall Street Journal tells us today that Pfizer will soon settle Foreign Corrupt Practices Act charges with the SEC and the Justice Department for a total of $60 million. While that figure doesn’t launch Pfizer into the top ten list of all-time FCPA resolutions, it is quite high, and bumps up against Johnson &… Continue Reading
Consolidated Audit Trail Will Revolutionize Insider Trading Enforcement
Posted in Insider TradingBluesheeting, for those who haven’t experienced it, is the archaic and cumbersome process by which SEC and FINRA staff collect equity stock trading information for particular issuers. I’m not sure what word best describes the process. It’s not exhausting, really, but it’s not a thrill ride, either. As far as law enforcement goes, it’s much… Continue Reading
Venue Decision Could Affect Forums for SEC Enforcement Actions
Posted in SEC LitigationSay what you want about Chris Benyo and the SEC’s trial unit, but they are fighters. Who, you say? From 2000 to 2001, Benyo was the Senior Vice President for Marketing and Network Development for PurchasePro, which made software for online “business-to-business” sales. And much later, the SEC’s trial unit became his foil. But way… Continue Reading
SEC Responds to Boston Consulting Group Recommendations
Posted in SEC StructureWhen you’re an agency that has shot itself in the foot as many times as the SEC has in the recent past, Congress will not hesitate to step up its oversight authority over you. Its members can’t really afford to. Heads must roll, etc. So Congress tends to do things like order consultants to come… Continue Reading
SEC (Smartly) Focuses on Transfer Agents
Posted in Microcap Fraud, Non-scienter-based ViolationsEnforcement investigations into microcap, or penny, stocks are difficult and often thankless. They frequently involve unsavory characters who could as easily be running a real estate scam or Nigerian advance fee fraud as one involving securities. Proving intent to defraud in cases like this is often very tough, as the players shield their activities behind… Continue Reading
Hey, look! It’s a blog!
Posted in UncategorizedWhat this world needs is a blog, and I plan to give it one here. I hope to write about federal securities law enforcement and related issues in an engaging and (with any luck) somewhat entertaining way. Please check in and let me know if there are topics you would like to see explored in this… Continue Reading