It’s that time of year again – the time when we come together to help others. It is an honor and a privilege to have participated in the 10th Annual Legal Food Frenzy.
Stephen J. Crimmins, James K. Goldfarb and Sharon A. O'Shaughnessy write: Public company audit committee members might be forgiven for sweating potential SEC scrutiny of late. We examine the SEC's focus on audit committee members as gatekeepers, review three recent enforcement actions to highlight conduct that attracts the staff's attention, and suggest certain safeguards that might help mitigate the chance of an SEC investigation or charge.
The Commodity Futures Trading Commission (“CFTC”) announced on April 4, 2016, that it would make a $10 million award to a whistleblower through authority provided by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. This is the third whistleblower award made by the CFTC, dwarfing the prior awards of $290,000, announced on September 29, 2015, and $240,000, announced on May 20, 2014.
The international financial and legal community has spent the past week focused intently on the initial reports arising from a journalistic investigation now known as the Panama Papers matter. The investigation centers on a leak of documents from Panamanian law firm Mossack Fonseca involving multiple high-profile and politically connected individuals — 140 politicians and 29 billionaires, according to some reports. Allegedly, the documents encompass some 40 years of the firm’s files. The International Consortium of Investigative Journalists — the group that has been investigating Mossack Fonseca — has alleged that the firm incorporated offshore shell companies for the benefit of famous individuals, including government officials and their relatives, in order to enable those parties to evade taxes, launder money, and dodge sanctions by hiding their money in the shell companies. Mossack Fonseca has stated that many of its clients come to Mossack through some of the largest financial institutions across the world.
James Goldfarb is the Program Co-Chair and Panel Moderator for “Hot Topics in Securities Litigation & Enforcement – Omnicare, Halliburton III, Home Courts, and the Financial Reporting and Audit Task Force” and “The Financial Reporting and Audit Task Force - The SEC Goes Back to the Future”, New York City Bar Association.
Murphy & McGonigle Luncheon Series, Panelist, "Introduction to FINRA Securities Arbitration"