Recent SEC enforcement action found that a digital token operated as an unregistered securities exchange. In a settlement, the token's founder agreed to disgorgement of $313,000 and a penalty of $75,000.
Steve Feldman comments on Hobby Lobby’s purchase of smuggled artifacts.
White collar defense attorneys are regularly confronted by new clients who seek representation where the client has told some version of his or her story to law enforcement agents before ever meeting with counsel. While Miranda warnings, aimed at providing prophylactic cautions to individuals, are ubiquitously disseminated throughout our society, in practice people generally relay an entire story to law enforcement officials without preparation, without prior consultation with counsel, and without being accompanied by a lawyer to protect their interests. Of course, where an individual is not subject to custodial interrogation, there is no obligation for law enforcement agents even to provide Miranda warnings.
If you are a public company, or audit one, three recent SEC auditor independence cases deserve your attention. Auditor independence cases typically arise from financial, employment or business ties between an auditor and a client or their personnel. The recent cases, however, arose from what the SEC called "inappropriate close personal relationships."
Steve Feldman and Alexandra Marinzel author FCPA article for Grassi & Co. - For any company doing business internationally, knowledge of the United States’ Foreign Corrupt Practices Act (“FCPA”) is a must. Running afoul of this federal law can come with serious consequences, both for individuals and for the company. Last year, ten companies paid over $1.5 billion to resolve FCPA actions with the Department of Justice (“DOJ”) and the Securities and Exchange Commission (“SEC”). In addition to financial penalties, FCPA enforcement actions can also result in criminal charges, including charges against individual company employees and management. FCPA enforcement has been a top government priority for a number of years and there is no indication that enforcement will slow down anytime soon. To avoid finding you or your company in such a predicament, it is important to be aware of potential FCPA issues and to take action should any issues arise. To help you be prepared, this article will explain what the FCPA law is, what it prohibits and requires, identify situations in which FCPA risks and concerns may arise, and explain what to do should your company have concerns. The goal is to help you identify risky situations that raise FCPA concerns so you can proactively deal with the issues.
In December 2014, the United States Court of Appeals for the Second Circuit issued what has been described as a landmark decision in United States v. Newman. In its decision, the Court vacated the insider trading convictions and sentences of Anthony Chiasson and Todd Newman, two hedge fund professionals convicted of insider trading after trial in federal court in Manhattan. The decision has been greeted by the white collar defense bar as an important repudiation of the Government’s heavy handed pursuit of insider trading.