SEC Enforcement

Here are some useful links to articles, cases or other sources on SEC enforcement issues:

SEC Expansive Views of the Scope of Section 10b-5

Justices Scalia and Thomas Weigh in on Deference to SEC Interpretation of §10(b) (Straight Arrow Nov. 11, 2104 Blog Post)

Next big test for SEC rulemaking could be State Street execs’ appeal (Reuters) (Discussion of SEC decision in In re Flannery and Hopkins, which could greatly expand SEC discretion to determine the scope of Rule 10b-5 without rulemaking if the courts choose to defer to it — see the post SEC Majority Argues for Negating Janus Decision with Broad Interpretation of Rule 10b-5)

SEC Majority Argues for Negating Janus Decision with Broad Interpretation of Rule 10b-5 (Straight Arrow Dec. 19, 2014 Blog Post)

Article Discussing SEC Decision In re Flannery and HopkinsIn re Flannery Article (BNA/WilmerHale) (see related blog post: SEC Majority Argues for Negating Janus Decision with Broad Interpretation of Rule 10b-5)

‘We Intend to Resolve the Ambiguities’’: The SEC Issues Some Surprising Guidance on Fraud Liability in the Wake of Janus (Article Discussing SEC Decision In re Flannery and Hopkins)In re Flannery Article (BNA/WilmerHale)

General Law Enforcement Material

Rand Report The Changing Role of Criminal Law in Controlling Criminal Behavior

General Information About Defending SEC Investigations

Insurance Coverage for Government Investigations (Corporate Counsel article by by A. Azer)

Has SEC Enforcement Gone Awry?

Why Isn’t the SEC Committed to a Just and Fair Enforcement Process? (Straight Arrow April 29, 2014 Blog Post)

An Open Memo to SEC Commissioner Aguilar on the Use of Officer and Director Bars (Straight Arrow Feb. 23, 2015 Blog Post)

Ex-SEC Lawyer Speaks Out on Agency Failings (American Lawyer article by S. Beck)

Need for Narrower Subpoenas in SEC Investigations (N.Y. Law Journal article by A. Vollmer)

Remarks of SEC Commissioner Michael S. Piwowar on SEC Enforcement (Oct. 14, 2014 Speech)

The Debate Over Wall St. Enforcement (N.Y. Times Dealbook article by P. Henning)

Let’s Get Real: When SEC “Disgorgement” Remedy Is Used as Punishment It Should Be Treated that Way (Straight Arrow Mar. 3, 2015 Blog Post)

SEC Wants Ex-Ameriprise Advisers Dinged Over Insider Claims (Law 360) (SEC seeks disgorgement of profits from convicted insider trader tippee, plus a penalty, plus disgorgement of profites of “downstream” traders as “relief defendants,” and to make the original tippee jointly and severally liable for all “downstream” profits plus interest)

SEC v. Graham: SEC’s Delay in Filing Causes Ponzi Scheme Claims To Be Dismissed (Straight Arrow May 14, 2014 Blog Post)

SEC v. Graham

SEC’s Single-Minded Focus on Fraud Theory Results in Loss on Appeal (Straight Arrow May 19, 2014 Blog Post)

How the SEC Rigs Their Prosecutions (Wall Street Journal article by M. Cuban and T. Melsheimer)

A ‘Cop on the Beat’?: Why the SEC Should Adopt the Brady Standard (WilmerHale)

Obus Says SEC Attorneys Are “Bullies” (Law 360 article by M. Stendahl)

SEC Enforcement Takes Another Blow in SEC v. Obus (Straight Arrow June 3, 2014 Blog Post)

Life Partners, Execs Blast SEC’s Move For $2B Judgment (Law 360 article by J. Sistrunk)

SEC Gets Reasonable Relief in Life Partners Case — but only 2.5% of $2 Billion Request (Straight Arrow Dec. 3, 2014 blog post)

SEC Again Runs Amok, Seeking $2 Billion in Texas Case (Straight Arrow Aug. 22, 2014 Blog Post)

Courts May Be Losing Patience with the SEC’s Insistence on Unjustified Bar Orders and Other Draconian Remedies (Straight Arrow Aug. 20, 2014 Blog Post)

SEC Insider Trading Cases Continue To Ignore the Boundaries of the Law (Straight Arrow Oct. 1, 2014 Blog Post)

High Frequency Trading, and Proof that the SEC Approach to  Insider Trading is Completely Wrong (Mark Cuban Post on Blog Maverick)

Politically Connected Cos. Face Lower SEC Threat, Study Says (Law 360 article by S. Russell-Kraft)

SEC Commissioner Suggests More Enforcement Actions Against Lawyers (Kara Stein speech)

Speech by SEC Chair on SEC Enforcement Issues (Mary Jo White speech)

Rakoff Stirs SEC Pot Again With Administrative Law Question (Law 360 article by E. Beeson)

SEC Scores Huge Appellate Victory on “Neither Admit Nor Deny” Settlements (Straight Arrow June 4, 2014 Blog Post)

SEC Loses Another Case, but SEC Decision To Pursue Moshayedi Case Does Not Seem Unreasonable (Straight Arrow June 9, 2014 Blog Post)

SEC Expanded Use of Administrative Proceedings

Court Dismisses “Compelling and Meritorious” Bebo Constitutional Claims Solely on Jurisdictional Grounds (Straight Arrow Mar. 4, 2015 Blog Post)

Investment Adviser Files Appeal Challenging SEC’s Administrative Forum (BNA) (In Chau v. SEC, 2d Cir., No. 15-461, Wing Chau appeals SDNY Judge Kaplan’s decision denying to enjoin Chau’s SEC administrative proceeding)

Rakoff Hopes SEC Will ‘Think Twice’ About Using Admin Court (Law 360)

SEC’s Admin Court Draws Fire From Every Angle (Law 360)

Heading to court, but which one? Increasing transparency would go a long way in deflecting criticism that the SEC steers cases to its owns judges (Investment News)

Gray Financial Group v. SEC Is SEC’s Latest Constitutional Challenge (Straight Arrow Feb. 24, 2015 Blog Post)

Complaint in Gray Financial Group v. SEC (N.D. Ga. challenge to constitutionality of SEC administrative action against investment advisory firm)

SEC Commissioner Michael Piwowar Comments on Increased Use of Administrative Enforcement Actions (Straight Arrow Feb. 23, 2015 Blog Post)

SEC Order Instituting Administrative Proceedings In the Matter of Charles Hill (SEC administrative insider trading enforcement action)

SEC ALJ Cameron Elliot Shows Why In re Bebo Should Be in Federal Court (Straight Arrow Feb. 9, 2015 Blog Post)

In re Bebo Shows Why SEC Administrative Proceedings Have Fairness Issues (Straight Arrow Jan. 30, 2105 Blog Post)

Duka v. SEC Complaint (SDNY complaint to bar SEC administrative enforcement action)

S&P’s former commercial mortgage chief sues SEC  (Wall Street Journal)

Dealing With The SEC’s Administrative Proceeding Trend (Law 360)

New Challenge to the Constitutionality of an SEC Administrative Proceeding Filed in Bebo v. SEC (Straight Arrow Jan. 7, 2015 Blog Post)

Laurie Bebo v SEC complaint (E.D. Wisc.) (Action filed against SEC challenging commencement of administrative enforcement proceeding)

SEC Wins First Skirmish on Constitutional Challenge to Chau Administrative Proceeding (Straight Arrow Dec. 15, 2014 Blog Post)

SEC To Hear Wide Range of Constitutional Challenges to Administrative Proceeding in Jarkesy Case (Straight Arrow Dec. 15, 2014 Blog Post)

Challenges to the Constitutionality of SEC Administrative Proceedings in Peixoto and Stilwell May Have Merit (Straight Arrow December 2, 2014 Blog Post)

SEC’s Administrative Enforcement Intensifies Fairness Debate (NY Law Journal)

SEC Enforcement Director Announces Future Plans To Avoid Jury Trials (Straight Arrow June 12, 2014 Blog Post)

SEC To File Some Insider-Trading Cases in Its In-House Court (Reuters article by S. Lynch)

Assessing SEC Power In Administrative Proceedings (Law 360 article by K. Winer)

The SEC as Prosecutor and Judge (Wall Street Journal article R. Ryan)

SEC Administrative Case Rules Likely Out Of Date, GC Says (Law360 article by D. Wilson)

Opposition Growing to SEC’s New “Star Chamber” Administrative Prosecutions (Straight Arrow Aug. 7, 2014 Blog Post)

Is the SEC Becoming a Law Unto Itself? (Speech by Judge Jed Rakoff Criticizing the SEC’s Increased Use of Administrative Proceedings)

SEC Critics Appeal To Agency Pride In In-House Court Spat (Law 360 article by E. Beeson) (reporting on further fallout from Judge Rakoff’s speech above)

At the S.E.C., a Question of Home-Court Edge (NY Times aricle by G. Morgenson)

Ceresney Presents Disingenuous Defense of Increased SEC Administrative Prosecutions (Straight Arrow Nov. 11, 2014 Blog Post)

Rakoff Continues Crusade Against SEC Admin Courts (Law 360 article by S. Russell-Kraft)

Cash-Strapped CFTC Faces Troubled Return To Admin Court (Law 360 article by S. Russell-Kraft)

SEC Subpoenas

Should Old Subpoena Compliance Rules Apply in the Digital Age?  (NY Law Journal article by D. Davison, P. Vigeland and T. Kessler)

SEC v. Wyly:

SEC’s $300M Wyly Judgment Is Only Half The Battle (Law 360)

Final Disgorgement Opinion and Order in SEC v. Wyly (SDNY Judge Scheindlin’s final $299 million disgorgement order that will go up on appeal)

Texas Wyly brothers must pay $299 million in SEC fraud case: judge (Reuters)

SEC v Wyly Opinion Declining To Expand Disgorgement (SDNY Judge Scheindlin)

SEC Loses Bid for Larger Forfeiture From Wyly Brothers (Bloomberg article by J. Rosenblatt)

Wyly Challenges SEC’s Power Over Tax Disgorgement (Law 360 article by I. Kossov)

Wylys’ lawyer warns SEC’s $729 million claim would bankrupt them (Reuters article by J. Ax)

SEC Is Victorious in Stage 1 of SEC v. Wyly, but the More Interesting Decision Awaits (Straight Arrow May 15, 2014 Blog Post)

Judge Rejects SEC “Thought Police” Theory in SEC v. Wyly (Straight Arrow July 16, 2014 Blog Post)

SEC v. Wyly III: SEC’s Overreach on Disgorgement Remedy Shot Down (Straight Arrow July 30, 2014 Blog Post)

Wyly Brothers Hit with More than $300 Million Securities Law Disgorgement Order for Unpaid Taxes (Straight Arrow Sept. 26, 2014 Blog Post)

SEC Wins Asset Freeze Against Wyly Despite Bankruptcy (Law 360 article by A. Scurria)

SEC Says It Can Pursue Wyly Widow In $261M Judgment (Law 360 article by C. Salvatore)

Novel Theory In Wyly Case Could Change SEC Disgorgement (Law 360 article by B. Bettigole)

SEC Seeks To Boost Wyly Judgment To $329M (Law 360 article by M. Stendahl)

SEC v. Wyly: Judge Scheindlin Steps Back and Allows Bankruptcy Court To Function (Straight Arrow Dec. 3, 2014 blog post)

SEC v. Wyly Insider Trading Opinion

SEC v Wyly First Disgorgement Opinion

SEC v Wyly Second Disgorgement Opinion

SEC v Wyly, 10-cv-5760 (Nov. 3, 2014) (Opinion approving freeze order)

SEC Investigation of Private Equity Sector

As SEC Scrutiny Heats Up, PE Attorneys Get Serious (Law 360 article by K. Kiernan)

SEC Enforcement in Municipal Bond Sector

SEC’s New Enforcement Weapon Against Municipal Officers (Law 360 article by L. Weiser-Varon)

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