Why should the court impose a judgment in a case in which the SEC alleges a serious securities fraud, but the defendant neither admits nor denies wrongdoing?
Securities fraud generally and insider trading in particular should be eminently deterrable crimes.
During my undergraduate training at UCLA, I was studying finance and securities; my particular interest was with mutual funds. Wanting to get into a high position at some of the companies that were doing that, I knew that law would be useful.
Insider trading by hedge funds has a long and distinguished history, dating to the days when people didn't know that there was such a thing as a hedge fund.
The largest number of jobs likely to be created by the JOBS Act will be for lawyers needed to clean up the mess that it will create.
From coast to coast, the FBI and Securities and Exchange Commission have ensnared people not only at hedge funds, but at technology and pharmaceutical companies, consulting and law firms, government agencies, and even a major stock exchange.
You want to know the way to raise money? Put a transaction fee on Wall Street, so maybe we can curb some of the speculation and raise some money.
Significant officials at publicly traded companies are casually and cavalierly engaged in insider trading. Because insider trading has as one of its elements communication, it doesn't take rocket science to realize it's nice to have the communication on tape.
When then-New York Attorney General Eliot Spitzer sued me in 2003 over my stewardship as a director of the New York Stock Exchange, the NYSE's legal expenses were more than $100 million, which made it perhaps the priciest litigation in the state's history.
I think most of the ICOs you're seeing are not real token use cases. They're really securities, so I think the SEC should regulate that.
Insider trading is hard to prove. To be convicted, a person must have bought or sold a stock based on material information that is both unknown to the general public and likely to have had an important effect on a company's stock price.
The DOJ has long considered the SEC an indispensable partner in protecting markets and investors, promoting lawful commerce around the world, and deterring misconduct.
I spoke bluntly about what I had seen in a little over a year as United States Attorney for the Southern District of New York. To the apparent surprise of many in the room, I observed publicly that insider trading appeared to be rampant.
Well, we want to make sure there's not securities fraud.
With Congress and the S.E.C. so heavily peopled by lawyers, and with lawyers having been so heavily involved in drafting financial disclosure documents now seen as bogus, there was a new "lawyer" joke every week. One such was: "The butcher says 'the reputation of lawyers has fallen dramatically', and the check-out clerk replies: "How do you fall dramatically off a pancake?
In New York, we have laws against defrauding the public, defrauding consumers, defrauding shareholders.
For decades, Wall Street has charged companies a standard fee of 7 percent to sell their shares to the public.
By no stretch of the imagination can you describe me as a Wall Street lawyer. If you're going to do that, you'd have to say that 7,500 people who work here in Southwestern Pennsylvania for the Bank of New York Mellon with good family jobs are Wall Streeters.
"[Lawyers who file class-action securities suits] is not a group you would want to marry into your family. "That said, more than half the time the people being sued by the Lerach firm are guilty of outrageous conduct. The problem is, they don't mind (suing) the other half. They are an equal opportunity litigator."
We must investigate without fear or favour the so-called 'accounting irregularities' that cause turmoil in the markets and wipe billions off the investments of ordinary South Africans.
Brokerage firms and their executives cannot use threats regarding research activities as a way to obtain investment banking business. The threat to drop research coverage if Piper were not selected as the lead underwriter for a secondary offering was totally inappropriate and undermines the integrity of the market.
The JOBS Act is the 'topic of the moment.'
