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New York Law Journal

Administrative Law Judges in SEC Proceedings

Securities Regulation columnist Roberta S. Karmel provides perspective on the Securities and Exchange Commission's use of administrative proceedings. The administrative proceeding as in-house forum has been in existence since the SEC was created, she writes, but until very recently was used only for cases against registered entities in the securities business, and their associated persons, and accountants and lawyers. However, the Dodd-Frank Wall Street Reform and Consumer Protection Act gave the SEC expanded authority to impose civil monetary penalties against persons associated with unregistered entities so that such proceedings could be brought before a SEC ALJ.
16 minute read

Delaware Business Court Insider

'Lies' Hid 'Troubled Reality' at Theranos, Complaint Says

A stockholder's recently unsealed complaint lays out the "disturbing details" surrounding the collapse of blood diagnostics company Theranos Inc., accusing its chief executive and former president of committing securities fraud and intentionally misleading investors into funding a now-abandoned business model.
12 minute read

Litigation Daily

Sullivan & Cromwell's Sharon Nelles on VW, Opposing Counsel and Taking Work-Life Balance 'One Day at a Time'

Sullivan & Cromwell star litigator Sharon Nelles spoke with the Lit Daily about her work on the $14.7 billion VW settlement, the key to effective negotiation and how she's managed her work/ life balance at Sullivan & Cromwell, where she's a member of the executive committee.
35 minute read

Corporate Counsel

SEC Says Companies Should Take the Hint and Not Impede Whistleblowers

During his four-year stint as the chief of the U.S. Securities and Exchange Commission's whistleblower office, Sean McKessy stressed that companies could not use severance agreements to prevent departing employees from reporting misconduct to regulators.
8 minute read

Corporate Counsel

SEC Whistleblower, Rejecting Award, Cites Revolving Door for Lax Enforcement

Former Deutsche Bank risk officer Eric Ben-Artzi grabbed headlines this year when he said he was rejecting a multimillion-dollar SEC whistleblower award. In refusing any compensation, Ben-Artzi put a spotlight on the revolving door at the agency: "So why did the SEC not go after Deutsche's executives? The most obvious concern is that Deutsche's top lawyers 'revolved' in and out of the SEC before, during and after the illegal activity at the bank," he said. Last week, U.S. Sen. Elizabeth Warren, D-Massachusetts, long a critic of SEC Chair Mary Jo White's leadership, raised new concerns in a letter to President Obama.
18 minute read

New York Law Journal

Wing Chau, Charged With Securities Fraud, Calls Foul on Forum

The lawyer for Wing Chau fought recent case law and took some tough questions Friday as he argued the Securities and Exchange Commission improperly chose to pursue Chau in an administrative proceeding instead of suing in federal court.
7 minute read

National Law Journal

SEC Says Companies Should Take the Hint and Not Impede Whistleblowers

The U.S. Securities and Exchange Commission is cracking down on severance agreements that impede whistleblowers. Are companies taking the clue? "I'm hoping that companies are getting the message about this, and I think by taking some of these actions in quick succession, we are getting the message out there," Jane Norberg, head of the SEC's whistleblower office, said.
9 minute read

Daily Business Review

Don't Get Snared by the SEC's Custody Rule

The Securities and Exchange Commission is redoubling enforcement efforts under the Custody Rule, writes financial adviser Robert A. Kaufman.
8 minute read

New York Law Journal

SOX Certification Requirement and Clawback Provision

Corporate Litigation columnists Joseph M. McLaughlin and Yafit Cohn provide insight from the case 'SEC v. Jensen', where the U.S. Court of Appeals for the Ninth Circuit provided needed guidance on the scope of distinct requirements under the Sarbanes-Oxley Act—the certification requirement and the clawback provision.
16 minute read

New York Law Journal

Best Efforts Private Securities Offerings: Rule 15c2-4

Real Estate Securities columnist Peter M. Fass describes "best efforts" offerings, in which the broker-dealer acts as the agent of the issuer in attempting to sell the units directly from the issuer to the investors. Best efforts offerings frequently are made on an "all or none" or "part or none" (minimum-maximum) basis. In an "all or none" offering, all of the units must be sold during the specified offering period or the subscriptions must be promptly returned to the investors by the issuers. In a "part or none" offering, the designated minimum amount must be sold within the specified time or subscriptions returned to investors by the issuers.
15 minute read

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