Alex Janghorbani

Alexander Janghorbani’s practice focuses on complex securities issues, litigation and enforcement, informed by nearly nine years of service with the U.S. Securities and Exchange Commission.

Firm/Organization: Cleary Gottlieb Steen & Hamilton LLP

Blogs: Cleary Enforcement Watch

Latest Articles

Cleary Enforcement Watch

Task Force Led By Preet Bharara and Cleary Gottlieb’s Joon H. Kim Issues Report Recommending Reforms to Insider Trading Law

By Joon H. Kim & Alex Janghorbani

January 28, 2020

Insider trading law has remained a subject of significant debate and attention, including with a recent Second Circuit decision addressing the use of 18 U.S.C. §§ 1343 (wire fraud) and 1348 (securities fraud) in insider trading cases[1] and a new insider trading bill that passed the U.S. House of Representatives in December by an overwhelming majority. Yesterday, a blue ribbon task force headed by Preet Bharara, the former U.S. Attorney for the Southern District…

Cleary Enforcement Watch

Headwinds and Shifting Priorities: Beyond the Numbers In The SEC Enforcement Division’s 2019 Annual Report

By Robin M. Bergen, Matthew C. Solomon, Alex Janghorbani, Jenny Paul & Samuel H. Chang

November 11, 2019

On November 6, 2019, the SEC’s Division of Enforcement released its annual report (the “Report”) describing its enforcement actions from fiscal year 2019.[1] Like prior reports, the Report quantifies the Division’s activities in a number of ways and discusses priority areas going forward. The Report also brings front-and-center certain challenges the Division has faced – including difficulties navigating recent Supreme Court decisions that call into question the constitutionality of the SEC’s administrative proceedings…

Cleary Enforcement Watch

Supreme Court to Consider Whether the SEC Has Authority to Seek Disgorgement in Federal Court Actions: Will the Court Further Prune the SEC’s Enforcement Powers?

By Jennifer Kennedy Park, Alex Janghorbani, Robin M. Bergen, Matthew C. Solomon & Alexis Collins

November 5, 2019

On November 1, 2019, the Supreme Court granted certiorari in Liu v. SEC to decide whether the Securities and Exchange Commission can obtain disgorgement as an equitable remedy in federal court enforcement actions. The certiorari grant in this case is unusual, because the circuit courts that have considered the issue have all agreed that the SEC can obtain disgorgement from a district court exercising its equitable authority. Depending on how the Court rules, this case…

Cleary Enforcement Watch

SEC Brings Settled Action Against Mylan N.V. for Alleged Failure to Disclose Government Investigation

By Robin M. Bergen, Matthew C. Solomon, Adam Fleisher, Rahul Mukhi & Alex Janghorbani

October 8, 2019

Companies that face non-public government investigations frequently confront challenging questions regarding whether and when to disclose the existence of the investigation, how much to disclose, and any duty to update the disclosure as the investigation proceeds. The SEC recently filed a settled complaint alleging that Mylan committed accounting and disclosure violations for failing to timely disclose an otherwise confidential DOJ investigation into whether Mylan overcharged Medicaid for its largest revenue and profit generating product, the…

Cleary Enforcement Watch

SEC’s OCIE Affiliate Transaction Risk Alert Highlights Pitfalls in Obtaining Effective Consent

By Richard S. Lincer, Robin M. Bergen, Alex Janghorbani, John Lightbourne & Amber V. Phillips

October 3, 2019

On September 4, 2019, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert addressing the most common compliance issues it identified in examinations of investment advisers (“Advisers”) related to principal and agency cross transactions.…

Cleary Enforcement Watch

New York States Extends the Statute of Limitations for Claims Brought Under Martin Act to Six Years

By Jennifer Kennedy Park, Alex Janghorbani & Charity E. Lee

September 3, 2019

On August 26, 2019, New York Governor Andrew Cuomo signed into law legislation extending the statute of limitations for claims brought under the Martin Act from three to six years. The statute reverses a New York Court of Appeals decision holding that Martin Act claims must be brought within three years.…

Cleary Enforcement Watch

SEC to Allow Settling Parties to Submit Simultaneous Settlement Offers and Applications for Waiver from Disqualifications

By Joon H. Kim, Robin M. Bergen, Matthew C. Solomon, Alex Janghorbani & David E. Wagner

July 11, 2019

On July 3, SEC Chairman Jay Clayton issued a statement signaling a policy change in SEC settlements and the consideration of applications for waiver of collateral consequences flowing from those settlements, such as the loss of certain significant procedural advantages in (or even outright exemption from) the securities registration process.[1] In practice, this change could both streamline the process of settling enforcement actions with the SEC and provide additional certainty to settling entities,…

Cleary Enforcement Watch

Proposed Bad Actor Disqualification Act of 2019 Would Severely Limit the Availability of Waivers for Institutions Entering into Settlements with the SEC and DOJ

By Robin M. Bergen, Matthew C. Solomon, Joon H. Kim & Alex Janghorbani

July 9, 2019

Last month, Representative Maxine Waters, Chair of the House Financial Services Committee, introduced a discussion draft of the “Bad Actor Disqualification Act of 2019” (the “Proposed Act”). Similar to proposed legislation Rep. Waters introduced in 2015 and 2017, the effect of the Proposed Act, if passed, would be to dramatically increase the burdens on institutions seeking waivers from disqualifications under the federal securities laws, including those for Well-Known Seasoned Issuers (“WKSI”), certain exemptions from registering…

Cleary Enforcement Watch

SEC and CFTC Chairs Sign Enhanced Multilateral Memorandum of Understanding Expanding Cross-Border Enforcement Cooperation

By Breon S. Peace, Nowell D. Bamberger, Alex Janghorbani, Martine B. Forneret & Alison Bitterly

June 3, 2019

On May 15, 2019, the U.S. Securities and Exchange Commission (“SEC”) and the U.S. Commodity Futures Trading Commission (“CFTC”) announced that they entered into an Enhanced Multilateral Memorandum of Understanding Concerning Consultation and the Exchange of Information (“Enhanced MMoU”) under the auspices of the International Organization of Securities Commissions (“IOSCO”), along with nine other international financial regulators.[1] Both the SEC and CFTC are already signatories to IOSCO’s predecessor memorandum of understanding with 121…

Cleary Enforcement Watch

FINRA Publishes AML Red Flags to Help Broker-Dealers Satisfy Suspicious Activity Monitoring and Reporting Requirements

By Alexis Collins, Carl F. Emigholz, Alex Janghorbani & Jim Wintering

May 24, 2019

On May 6, 2019, the Financial Industry Regulatory Authority (“FINRA”) issued Regulatory Notice 19-18, addressing members’[1] anti-money laundering (“AML”) compliance programs. This notice focused extensively on members’ monitoring for suspicious activities and subsequent suspicious activity report (“SAR”) filing obligations, providing 97 examples of “money laundering red flags” to securities industry market participants. Where applicable to a members’ business operations, FINRA encouraged broker-dealers to take a “risk-based approach” to AML compliance and incorporate these…

Alex Janghorbani

Task Force Led By Preet Bharara and Cleary Gottlieb’s Joon H. Kim Issues Report Recommending Reforms to Insider Trading Law

Headwinds and Shifting Priorities: Beyond the Numbers In The SEC Enforcement Division’s 2019 Annual Report

Supreme Court to Consider Whether the SEC Has Authority to Seek Disgorgement in Federal Court Actions: Will the Court Further Prune the SEC’s Enforcement Powers?

SEC Brings Settled Action Against Mylan N.V. for Alleged Failure to Disclose Government Investigation

SEC’s OCIE Affiliate Transaction Risk Alert Highlights Pitfalls in Obtaining Effective Consent

New York States Extends the Statute of Limitations for Claims Brought Under Martin Act to Six Years

SEC to Allow Settling Parties to Submit Simultaneous Settlement Offers and Applications for Waiver from Disqualifications

Proposed Bad Actor Disqualification Act of 2019 Would Severely Limit the Availability of Waivers for Institutions Entering into Settlements with the SEC and DOJ

SEC and CFTC Chairs Sign Enhanced Multilateral Memorandum of Understanding Expanding Cross-Border Enforcement Cooperation

FINRA Publishes AML Red Flags to Help Broker-Dealers Satisfy Suspicious Activity Monitoring and Reporting Requirements

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