It is axiomatic firms must disclose of material information that is complete and accurate. Thus, for example, when the president of a regulated entity speaks to investors regarding communications with the firm’s regulator, it is critical that the information about
Thomas O. Gorman
Tom has defended public companies and individuals in regulatory actions involving insider trading, market manipulation, financial fraud, corporate governance matters, accounting and auditing issues, FCPA issues, and similar matters. He has also defended securities class action and derivative suits and led teams conducting internal investigations focused on financial fraud and other securities law issues. He regularly speaks on, and publishes articles regarding, securities litigation issues including the FCPA, internal investigations, financial fraud and insider trading. He has been interviewed on these issues by the New York Times, Wall Street Journal, Washington Post, Financial Times, and other leading publications in addition to appearing on CNBC, CNN, and other TV networks. Tom publishes a widely-read securities blog, www.secactions.com, which analyzes trends in securities enforcement inquiries and litigation, and provides expert commentary for the LEXIS Securities web page. He serves as a member of the editorial board of the Securities Regulation Law Journal.
This Week In Securities Litigation (Week of December 2, 2024)
Last week as many celebrated Thanksgiving the Commission filed three new enforcement actions. One focused on Rule 105 compliance, a second on muni registration and a third on an offering fraud. Be careful, be safe this week SEC Enforcement –…
Cooperation and Its Impact
The impact of cooperation on a Commission investigation can be difficult to assess. The agency has long espoused cooperation as a way to mitigate the ultimate resolution of an investigation and any possible sanctions. The agency typically acknowledges the impact…
This Week In Securities Litigation (Week of November 25, 2024)
The Commission filed a series of new cases last week. The filings included an action based on cherry picking, one focused on international banking and bribery in violation of the FCPA, another centered on a manipulation scheme and a case…
Adviser Operating Cherry Picking Scheme Makes over $1.8 million
Cherry picking is a long time focus of the Commission. In some senses, this practice may the be ultimate conflict of interest. It is based on an investment adviser placing a series of trades over the course of the trading…
Misappropriation, Conflicts And Illegal Stock Sales
Conflicts of interests and sham transactions are a key consideration when dealing with issues involving the federal securities laws. Many of the cases initiated by the Commission center on conflicts such as those that can arise when a controlling shareholder…
This Week In Securities Litigation (Week of November 18, 2024)
Last week the Commission filed four new enforcement actions. They were centered on Reg. BI, insider trading, a note scheme and an accounting fraud. Be careful, be safe this week SEC SEC Enforcement – Filed and Settled Actions Statistics: Last…
This Week In Securities Litigation (Week of November 11, 2024)
The Commission filed only one new case last week. It focused on false statement made by an investment adviser regarding references to ESG in discussions regarding the management of funds and investments. The advisory appeared to have no standards regarding…
This Week In Securities Litigation (Week of November 4, 2024)
Note: This post was prepared for publication on Monday, November 4, 2024; it covers matters from the prior week. Unfortunately its publication was delayed – our apologies. Last week the Commission brought a series of actions against J.P. Morgan and/or…
Commission Files Another Settled Insider Trading Case
Halting insider trading has long been a priority for the Commission. While the offense is not mentioned in the fraud provisions of the Securities Act or the Exchange Act, it is based on a breach of duty and has long…