investor fraud

CFO Has No Fiduciary Duty To Correct Another Officer's Statements To The Market

April 09, 2010 20:52

The Third Circuit Court of Appeals this week reaffirmed the limited circumstances under which a duty to disclose arises under Rule 10b-5, rejecting in a criminal case the Government’s theory that a fiduciary duty attaches to “high corporate executives” obliging them to correct...

Victim Of Securities Fraud Successfully Relies On SEC Protective Order To Shield Tax Information From IRS

April 06, 2010 20:59

There are a variety of circumstances under which investors may provide sensitive tax-related information to the Securities and Exchange Commission; they may be victims of securities fraud eager to assist the SEC in recovering lost monies or, under the SEC's newly-developed policy of...

SEC to formally invite and specifically reward cooperation for the first time

December 23, 2009 23:01

All United States Attorney's Offices have routinized the practice of cooperation and standardized their form of cooperation agreement which, following Section 5K1.1 of the Sentencing Guidelines and 18 U.S.C. § 3553(e), specifies to a degree both the benefits of cooperation and the consequences...

Stakeholders in the Madoff Scandal and Their Need to Act Promptly and Proactively - Indirect Stakeholders - Installment 9

Alain Leibman
May 26, 2009 13:51

This is the ninth in a series of installments on this blog that is discussing some of the issues that face the manifold stakeholders that have been materially affected by the long global Ponzi scheme of Bernard L. Madoff. All potential stakeholders should consult professional advisors promptly to...

Attorneys sued by SEC for issuing allegedly fraudulent Rule 144 opinion letters

Alain Leibman
May 13, 2009 19:24

Last week the Securities and Exchange Commission sued two California attorneys for issuing allegedly fraudulent legal opinions which allowed the holders of restricted Rule 144 stock in a communications company to sell their holdings prematurely (news release here). As set forth in the SEC's press...