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On November 13, 2018, Ballard Spahr lawyers presented a webinar on the SEC’s recent “Report of Investigation” into “business email compromises” affecting public companies. As noted in our prior blog post, the Report was prompted by the SEC’s investigation into whether nine public companies violated U.S. securities laws “by failing to have sufficient accounting controls” to prevent approximately $100 million in losses as a result of business email compromises targeting their personnel. The SEC…
The U.S. Securities and Exchange Commission (SEC) has joined the government chorus in sounding the alarm about the rapid rise in “business email compromises” that are victimizing organizations across industry sectors. On October 16, 2018, the SEC released a “Report of Investigation” calling for public companies to reassess their internal accounting controls “in light of emerging risks, including risks arising from cyber-related frauds.”  In particular, the report focuses on certain types of “business…