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$30 million just wasn’t enough for former Silicon Valley CEO

The SEC has charged the former CEO of Silicon Valley-based Alliance Fiber Optic Products, Inc. (AFOP) with insider trading in company stock, which ultimately allegedly generated more than $2 million in illicit profits and losses avoided by trading on non-public information (

Petition asks High Court to address 2d Circuit's 'awareness of duty' requirement

A new petition for certiorari asks the Supreme Court to clarify how scienter is demonstrated in insider trading claims brought under the misappropriation theory. The petitioner asserts that the Second Circuit's requirement for proof of a defendant's "awareness o

DOL rule, cybersecurity top list of concerns at ABA conference

Cybersecurity is the focus of the future, according to panelists at the annual meeting of the American Bar Association’s Business Law Section. Protection of information and system security is more difficult than ever before, and the financial industry must take steps t

OCIE issues risk alert identifying advertising rule compliance issues

The SEC’s Office of Compliance Inspections and Examinations has released a risk alert with a list of compliance issues concerning the advertising rule, Rule 206(4)-1, under the Investment Advisers Act. Problems were most often identified in deficiency letters sent to r

Whistleblower’s retaliation and defamation claims against BofI survive dismissal

A whistleblower adequately alleged that his bank employer violated state defamation law as well as retaliation under the Sarbanes-Oxley and the Dodd-Frank Acts. The internal auditor claimed that the bank retaliated against him for reporting what he believed to be unlawful co

SEC uses data analysis to catch cherry-picked trades

The SEC charged two investment advisers with conducting illegal cherry-picking schemes. The SEC alleged that the advisers allocated profitable trades for their personal accounts to the detriment of their clients’ accounts. The charges arose from the SEC&rsquo

SEC’s chief accountant discusses financial reporting, new standards and initial coin offerings

SEC Chief Accountant Wesley Bricker spoke at the AICPA annual conference on banks and savings institutions where he touched on the role of financial reporting in the capital markets, recent accounting and auditing standard setting, broker-dealer compliance, and initial coin

Fraud allegations re: GNC’s supplement ingredients suffer from deficiencies

The Western District of Pennsylvania has dismissed a securities fraud class action against a provider of health and wellness products and certain executives for failure to plead scienter and loss causation. According to the court, statements by confidential witnesses failed

Equifax announces massive security breach, legislators demand action

More than 143 million Americans may have had their personal information compromised in a massive cybersecurity incident, announced Equifax Inc. According to the global information solutions company, criminals exploited a website application vulnerability to gain access to ce

Disclosure failures lead to over $35M in penalties

In anticipation of the institution of cease-and-desist proceedings by the SEC, State Street Bank and Trust Company along with State Street Global Markets, LLC, and State Street Global Advisors Funds Distributors, LLC, submitted offers of settlement relating to a scheme to de

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