Subject to Inquiry

Subject to Inquiry

THE LATEST ON GOVERNMENT INQUIRIES AND ENFORCEMENT ACTIONS

Government Investigations and White Collar Litigation Group

Daniel A. Goldfried

Photo of Daniel A. Goldfried Dan concentrates his practice on securities enforcement and compliance. He represents public companies, public accounting firms, broker-dealers, private equity firms, hedge funds, investment advisers and their officers, directors and employees in a broad range of government investigations. He has experience in managing parallel civil and criminal investigations and conducting internal investigations. Prior to joining McGuireWoods, Dan served as Assistant General Counsel and Senior Vice President of the Regulatory Inquiries Group at Bank of America and its legacy entities. During his ten years at the Bank, Dan managed high profile regulatory investigations conducted by the SEC, DOJ, State Attorneys General, FINRA, the CFTC, the Special Inspector General of the Troubled Asset Relief Program (SIGTARP), and regulators from the UK, Mexico and Hong Kong, among others. Prior to his time at the bank, Dan served as Senior Counsel at the SEC’s Division of Enforcement.

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Does United States v. Ying Expand the Knowledge Requirement for “Classical” Insider Trading?

Enforcement and Prosecution Policy and Trends, Financial Institution Regulation, Securities and Commodities
On March 14, 2018, the SEC and DOJ sued Jun Ying, a former Chief Information Officer within an Equifax Inc. business unit, for insider trading. Specifically, they accused him of knowing about a significant Equifax data breach prior to its public disclosure and, while in possession of that material nonpublic information, exercising his Equifax options… Continue Reading

Beware What You Share: Privilege Waiver Risks in Investigations

Enforcement and Prosecution Policy and Trends, Financial Institution Regulation
In responding to regulatory and government investigations, firms are often faced with the question of how to balance the desire to cooperate with the need to preserve privilege over an internal investigation.  Financial institutions face this question additionally in their reporting requirements to regulators, including Form U-5 filings and Suspicious Activity Reports.  Two recent decisions… Continue Reading

FINRA Continues to Prioritize Examinations of High-Risk and Recidivist Brokers

Enforcement and Prosecution Policy and Trends
In its 2017 Regulatory and Examination Priorities Letter, FINRA made clear that one of its top priorities is identifying high-risk brokers and ensuring that their firms properly monitor them. To assist it in doing so, FINRA has established a dedicated examination unit to identify and examine brokers who may pose a high risk to investors.… Continue Reading

U.S. Supreme Court Rules Time Limits Apply to SEC Disgorgement Orders

Enforcement and Prosecution Policy and Trends, Securities and Commodities
A unanimous United States Supreme Court held Monday, in Kokesh v. Securities and Exchange Commission, that the five-year statute of limitations under 28 U.S.C. § 2462 applies to disgorgement sought by the Securities and Exchange Commission. Previously, the Circuits had been split on this issue. The issue in Kokesh was straightforward. Kokesh appealed a trial… Continue Reading

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