Posts from September 2017.

The SEC announced two cyber-enforcement initiatives on September 25. The Commission will establish a Cyber Unit within the Enforcement Division to address misconduct like:

  • Market manipulation through social-media "fake news";
  • Hacking to obtain material nonpublic information (ahem);
  • Blockchain- and bitcoin-like violations;
  • Dark web misconduct;
  • Hacking retail accounts;
  • Cyber-threats to trading and market infrastructure.

The Commission also announced a Retail Strategy Task Force to identify and respond to cyber-threats targeting retail investors.

The SEC's release ...

Posted in: SEC

In an Opinion highlighting the Circuit split over the constitutionality of SEC administrative law judges ("ALJs"), the Fifth Circuit recently stayed an FDIC civil-penalty and bar order against a Bank director, pending complete judicial review.

Petitioner Burgess is a bank director (and former officer) prosecuted administratively by the FDIC for improper expense practices and misuse of bank property. An FDIC ALJ conducted the hearing and recommended civil penalties and a banking bar. The FDIC largely adopted those findings and conclusions. Burgess moved to stay ...

Posted in: SEC
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