Subject to Inquiry

Subject to Inquiry

White Collar, Congressional, SEC, Energy Enforcement & Other Government Inquiries

Government, Regulatory & Criminal Investigations Group

Monthly Archives: May 2010

Suspicious Activity Reports

Florida Court Finds Redaction Insufficient to Protect Confidentiality of SAR Investigation

A recent case in Florida provides an excellent reminder of the confidentiality restrictions that govern the release of Suspicious Activity Reports (SARs) (pdf). By way of background, the Bank Secrecy Act (BSA) prohibits banks and other financial institutions from notifying any person involved in a suspicious transaction that the transaction has been reported. When a … Continue Reading
Campaign Rules

A Question of Ethics: Avoid Campaign Work on Office Equipment

As campaign season gears up, Congressional staffers should be mindful of rules restricting their work on campaigns.  For one, staffers may not use official resources for campaign purposes.  The latest Question of Ethics addresses this prohibition in the context of preparing an invite list for a campaign fundraiser. Click here to continue reading. … Continue Reading
Identity Theft

AMA Files Suit to Exempt Physicians from Red Flags Rule

The filing of a lawsuit on May 21, 2010 by the American Medical Association (AMA) against the Federal Trade Commission (FTC) could signal yet another delay of the enforcement deadline of the Red Flags Rule. The Red Flags Rule requires many businesses to develop, implement and administer an Identity Theft Prevention Program designed to detect … Continue Reading
Securities Litigation

New Financial Fraud Task Force Headquartered in “Rocket Docket”

Neil MacBride, the U.S. Attorney for the Eastern District of Virginia (the “Eastern District”), announced last Friday the creation of the Virginia Financial and Securities Fraud Task Force.  This aggressive new task force will coordinate with representatives from the Securities and Exchange Commission, Commodity Futures Trading Commission, FBI, Postal Service, Internal Revenue Service and state law enforcement agencies. The announcement comes as no … Continue Reading
Securities Fraud, Securities Litigation

“Storm Warnings” Dissipate: SCOTUS Announces Test For Statute of Limitations In Securities Fraud Suits

In 2002, Congress codified the statute of limitations for securities fraud actions for the first time.  As part of the Sarbanes-Oxley reforms, Congress declared that securities fraud claims “may be brought not later than the earlier of – (1) 2 years after the discovery of the facts constituting the violation; or (2) 5 years after … Continue Reading
TARP

SIGTARP’s Expanding Reach

The investigations into TARP-related criminal and civil misconduct show no signs of abating.  On April 20, 2010, the Office of the Special Inspector General for the Troubled Asset Relief Program (“SIGTARP”), the watchdog agency investigating conduct related to TARP assets, disclosed 84 ongoing criminal and civil investigations in its Quarterly Report to Congress.  SIGTARP is … Continue Reading