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Documents on white collar crime
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|Broker-Dealer Regulation Under the New Penny Stock Disclosure Rules: An Appraisal|
Dennis Hernandez Associates PA;
February 18, 2015, previously published by Columbia Business Law Review
The over-the-counter (¿OTC¿) market serves as the primary equity market in the United States for small publicly-traded corporations. Historically, regulatory authorities and private sector analysts have failed to effectively monitor the veracity of broker-dealer transactions in this market,...
|Major Reversal of Insider Trading Convictions After Trial: Second Circuit Sets High Bar for Tippee Liability|
Jared S. Buszin, Harry Sandick; Patterson Belknap Webb & Tyler LLP;
February 6, 2015, previously published on December 2014The United States Court of Appeals today reversed the convictions for insider trading of Todd Newman and Anthony Chiasson. The Court held that the government was required to prove, but did not, that the defendants knew that the insider who disclosed the confidential information did so in exchange...
|White Collar Crime—Insider Trading|
Jeremy E. Deutsch; Norris McLaughlin & Marcus, P.A. A Professional Corporation;
February 6, 2015, previously published on December 2014The basis for imposition of tipping liability for insider trading has been clarified by the Second Circuit.
|Employer Restitution under Victim Restitution Law (MVRA) Not Offset by Employee’s Canceled Stock Options, Court Rules|
Ramsay C. McCullough; Jackson Lewis P.C.;
January 30, 2015, previously published on December 10, 2014The Mandatory Victim Restitution Act of 1996 (“MVRA”) provides that defendants convicted of crimes committed by "fraud or deceit" compensate victims for the full amount of their losses. Whether the amount of restitution may be offset if an employer-victim actually profited...
|6th Circuit Holds Applicant Is Not An “Employee” And Has No False Claims Act Cause Of Action Against Prospective Employer|
Joseph C. Toris; Jackson Lewis P.C.;
January 30, 2015, previously published on December 9, 2014On November 18, 2014, the U.S. Court of Appeals for the Sixth Circuit issued a decision dismissing an employment applicant's claims that he had been retaliated against under the False Claims Act (FCA), Environmental Reorganization Act (ERA) and four other environmental statutes. In Vander Boegh v....
|Predictive Coding Slowly Becoming a Game Changer|
Rachael Lewis Anna; Nexsen Pruet, LLC;
January 19, 2015, previously published on December 18, 2014In 2012, Magistrate Judge Andrew Peck of the Southern District of New York approved the use of predictive coding (also called “technology assisted review” or “TAR”) in Da Silva Moore v. Publicis Groupe to search for relevant information. Predictive coding enables attorneys...
|Record-High $5.7 Billion Recovery in 2014 for US False Claims Act Cases—Health Care Fraud Recoveries More Than $2 Billion for Fifth Straight Year|
Laura R. Hammargren, Michael Martinez, William Michael Jr.; Mayer Brown LLP;
January 12, 2015, previously published on December 2, 2014The US Department of Justice (DOJ) reported in late November that it recovered a record $5.69 billion from settlements and judgments in civil False Claims Act (FCA) cases in fiscal year 2014. This marks the first time that recoveries have exceeded $5 billion, and brings the total recoveries since...
|Massachusetts High Court Compels Decryption of Computer Files|
William G. Cosmas; Sally & Fitch LLP;
January 10, 2015, previously published on November 20, 2014Television crime dramas - and televised congressional testimony - have made "taking the Fifth" part of our collective civic consciousness. The Fifth Amendment to the Constitution provides that no person "shall be compelled in any criminal case to be a witness against himself,"...
|SEC’s Increased Use of Administrative Proceedings Draws Criticism and Legal Challenges|
Mintz Levin Cohn Ferris Glovsky Popeo P.C.;
November 17, 2014, previously published on November 12, 2014The SEC’s plan to bring more enforcement actions as administrative proceedings before its own administrative law judges rather than in the federal district courts - even in insider trading cases - has been drawing increasing criticism and legal challenges. Most recently, Judge Jed Rakoff of...
|The High Cost of Whistleblowing|
Mintz Levin Cohn Ferris Glovsky Popeo P.C.;
November 17, 2014, previously published on November 3, 2014In a number of recent posts, we have highlighted the SEC’s whistleblower program, which offers awards of 10%-30% of the money collected where a whistleblower provides high-quality, original information that results in an SEC enforcement action with sanctions exceeding $1 million.