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Robert Morgan settles SEC case
Rochester real estate developer Robert C. Morgan and the federal Securities and Exchange Commission have reached a settlement in the SEC’s lawsuit accusing Morgan of fraud. Morgan was charged in May 2019 with securities fraud for the way investor funds in Morgan Mezzanine Fund Manager LLC and Morgan Acquisitions LLC were used. The SEC claims […]
When Trump’s SEC punishes Wall Street, it’s often done quietly
Under President Donald Trump, a top financial regulator isn’t embarrassing Wall Street as much as it used to. Take TPG Capital — the private-equity behemoth co-founded by billionaire David Bonderman. For years, the Securities and Exchange Commission had been investigating TPG and its competitors over concerns they were pocketing tens of millions of dollars in […]
Supreme Court skeptical about SEC’s powers of ‘disgorgement’
WASHINGTON — The Supreme Court indicated Tuesday that the federal government does not have the wide power it claims in pursuing the ill-gotten profits of fraudulent behavior. Justices across the board were at least skeptical of the Securities and Exchange Commission’s claim that it is not bound by a five-year statute of limitations when it […]
Wells Fargo discloses SEC investigation into sales practices
The San Francisco-based bank has been under fire since it was discovered that in order to meet extremely lofty sales goals, employees opened as many as 2 million bank and credit card accounts without customer authorization. Wells Fargo has confirmed that the Securities and Exchange Commission is investigating its sales practices and revealed that […]
Major banks reach settlement over “dark pool” trading
WASHINGTON — Two major global banks, Barclays and Credit Suisse, are paying a combined $154.3 million to settle government investigations that they misled clients about being able to safely trade on their “dark pool” financial exchanges. The banks left their customers on these private exchanges vulnerable to “predatory, high-frequency traders” that could intercept and pro[...]
SEC opens door to startup investing for all
A new form of crowdfunding is coming soon that will allow startups to raise money by selling stock to Main Street investors. The Securities and Exchange Commission on Friday adopted rules implementing a 2012 law that opened the door to securities crowdfunding. The vote was 3-1 at a public meeting. For years, artists, charities and […]
SEC examining ‘alternative’ mutual funds
Federal regulators are scrutinizing a type of mutual fund that’s potentially riskier than conventional funds and is growing in popularity, prompting concerns over possible harm to ordinary investors. The Securities and Exchange Commission has disclosed that it’s conducting a “national sweep exam” of so-called alternative mutual funds, focusing in a first phase on 15 to […]
SEC rejects fund’s request for bank disclosure
ALBANY — The Securities and Exchange Commission has rejected shareholder proposals from New York’s comptroller that would have asked two major banks to disclose which employees are capable of exposing them to major losses because of their portfolios and bonus incentives. SEC staff told Wells Fargo and Bank of America in recent letters “there appears […]
SEC lifts ban on hedge fund advertising
WASHINGTON — For the first time, hedge funds will be allowed to advertise to the general public under a rule adopted Wednesday by federal regulators. The Securities and Exchange Commission voted 4-1 to lift a decades-old ban that prevents hedge funds, private equity firms and other private investment managers from marketing their products to a […]
Second Circuit — SEC: SEC v. Bankosky
U.S. Court of Appeals for the Second Circuit SEC Barring Officer or Director of Public Company — Patel Factors SEC v. Bankosky 12-2943-cv Judges Walker, Chin and Restani Background: The SEC accused the defendant of engaging in insider trading in violation of the Securities Exchange Act. After an entry of a consent judgment, in which […]
White pledges ‘unrelenting’ enforcement at SEC
WASHINGTON — Mary Jo White vowed Tuesday to make “bold and unrelenting” enforcement of Wall Street a high priority if she is confirmed chairman of the Securities and Exchange Commission. White, a former federal prosecutor, says investors need to know the playing field is level and that wrongdoers will be “aggressively and successfully” pursued. “Strong […]
Ruling against SEC a win for defense bar
The five-year discovery clock starts ticking when fraud occurs, not when the government finds out about it, the U.S. Supreme Court has ruled for cases where the Securities and Exchange Commission seeks civil penalties, Gabelli v. Securities and Exchange Commission, no. 11-1274 (Feb. 27). The unanimous court found the discovery rule did not apply to […]
Case Digests
- NYS Advisory Committee on Judicial Ethics – Attorney misconduct: Opinion 22-164
- NYS Advisory Committee on Judicial Ethics – Independently written bench book: Opinion 22-163
- Fourth Department – Suppression: People v. Saeli
- Second Circuit – RICO: Horn v. Medical Marijuana Inc.
- NYS Advisory Committee on Judicial Ethics – Uncompensated interview: Opinion 22-159
- NYS Advisory Committee on Judicial Ethics – Uncompensated guest speaker: Opinion 22-158
- Fourth Department – Negligent performance: Rosenthal v. Syracuse University, et al.
- Second Circuit – Visual Artists Rights Act: Kerson v. Vermont Law School Inc.
- NYS Advisory Committee on Judicial Ethics – Former foreclosure referee: Opinion 22-157
- NYS Advisory Committee on Judicial Ethics – College honorarium: Opinion 22-156
- Second Circuit – Reasonable accommodation: Tafolla v. Heilig
- Fourth Department – Labor Law: Primisch v. Peroxychem LLC
Law News
- Appeals court upholds Supreme Court ruling
- Assistant district attorney appointed City Court judge by Rochester mayor
- Murder conviction affirmed despite trial judge error
- NY appeals court upholds conviction in burglary case
- Federal lawsuit reinstated against jail officer over strip search, delayed release
- Hyzon to pay $25M penalty to settle alleged fraud charges by SEC
- NY appeals court reinstates lawsuit over contract to remove snow
- Fourth Department affirms $400K judgment in contract dispute
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