Tag Archives: Financial Services Industry

That Time the SEC Got It Right

Posted on April 28, 2016 by

The NewYorker recently published an interesting article, “Why the SEC Didn’t Hit Goldman Sachs Harder.” The article posits that the SEC let individual executives on Wall Street off the hook for securities fraud after the financial crisis. The article offers … Continue reading →

Posted in SEC Investigation, Securities fraud | Tagged | Leave a comment

Can You Be Liable Because of Your Job Title? Control Person Liability and Jon Corzine

Posted on January 27, 2016 by

One of the primary differences between criminal and civil liability is that criminal liability requires the government to prove that the defendant acted wrongfully. In a civil case, an employer may be held liable under a theory of respondeat superior … Continue reading →

Posted in CFTC case, civil case, Uncategorized | Tagged | 1 Comment

The SEC Finally Surrenders in Insider Trading Case

Posted on October 20, 2015 by

The SEC finally gave up the ship in its insider trading case against former hedge fund managers Anthony Chiasson and Todd Newman. After the Second Circuit reversed their convictions and the Supreme Court denied cert, the SEC decided not to … Continue reading →

Posted in Appeal, Insider Trading, SEC Investigation | Tagged | Leave a comment

SDNY Limits a Corporate Executive’s Ability to Use the Advice-of-Counsel Defense

Posted on October 13, 2015 by

The advice-of-counsel defense is a powerful one. If you did something because your lawyer said it was legal, then you may have a winning defense against many white-collar crimes. But all good things come with a price. To raise the … Continue reading →

Posted in Uncategorized | Tagged | 1 Comment

First-Ever Case Against Chief Compliance Officer For Failure To Implement Anti-Money Laundering Program at MoneyGram

Posted on March 3, 2015 by

A Chief Compliance Officer (CCO) ensures that the Board of Directors, management and employees comply with the rules and regulations of regulatory agencies and the company’s own policies and procedures. What happens, then, when the CCO is personally accused of … Continue reading →

Posted in civil case, Compliance, Money Laundering | Tagged , | 7 Comments

How Much Cooperation Is Enough to Avoid Prison?

Posted on October 31, 2014 by

How much cooperation with the government does your client have to provide to avoid prison? If portfolio manager Reema Shah is any example, the answer is…over a year. On May 21, 2014, Ms. Shah pleaded guilty to conspiracy to commit … Continue reading →

Posted in Insider Trading, Securities fraud, Sentencing | Tagged | Leave a comment

High Frequency Trading Can Be a High Risk Endeavor — Another Trade Secrets Prosecution

Posted on September 15, 2014 by

The latest entrant into the Cover-Up Is Worse Than the Crime Hall of Fame is Sahil “Sonny” Uppal, a 26 year old former employee of Citadel LLC. He pleaded guilty to one count of obstruction of justice for hiding his … Continue reading →

Posted in Obstruction, Trade Secrets | Tagged | Leave a comment