Memorial Day is a time to remember. Originally established during the civil war, it was intended to look back and remember those who have served the nation. There is no doubt that we all owe much to those who have
Thomas O. Gorman
Tom has defended public companies and individuals in regulatory actions involving insider trading, market manipulation, financial fraud, corporate governance matters, accounting and auditing issues, FCPA issues, and similar matters. He has also defended securities class action and derivative suits and led teams conducting internal investigations focused on financial fraud and other securities law issues. He regularly speaks on, and publishes articles regarding, securities litigation issues including the FCPA, internal investigations, financial fraud and insider trading. He has been interviewed on these issues by the New York Times, Wall Street Journal, Washington Post, Financial Times, and other leading publications in addition to appearing on CNBC, CNN, and other TV networks. Tom publishes a widely-read securities blog, www.secactions.com, which analyzes trends in securities enforcement inquiries and litigation, and provides expert commentary for the LEXIS Securities web page. He serves as a member of the editorial board of the Securities Regulation Law Journal.
Commission Seeks to Halt Ongoing Offering Fraud
Offering frauds have long been a focus of the Commission’s enforcement program. They come in all shapes and sizes and are based on a large variety of claims. Frequently the scheme is based on a currently popular product such as…
This Week In Securities Litigation (Week of May 22, 2023)
The Commission filed 14 new proceedings last week. Most of those actions centered on violations of Regulation A which provides a limited exemption from the registration requirements under certain circumstances. While in some instances certain issuers ultimately named in the…
Commission Settles Ten Unregistered Sale of Securities Actions
Regulation A created a limited exemption from the registration requirements of Section 5, Securities Act for those who comply with the dictates of the Regulation. Generally it requires that certain information be furnished to investors and that other requirements be…
Retirement Savings Targeted to Purchase Crypto Coins by Red Rock Secured
Crypto assets have become a key focus for the SEC in recent years. With Congress not taking any meaningful action in the area, SEC Chair Gensler added positions to the Enforcement Division to focus on the abuses taking place in…
This Week In Securities Litigation (Week of May 15, 2023)
The Commission filed a series of actions last week. Those cases focused on offering frauds, manipulation and a breach of fiduciary tied to the investments recommended to an advisory investor despite the failure of the market professional to head the…
Advisor Breaches Duty to Client
Traditionally investment advisers have been recognized as having a fiduciary duty to their clients. Once clear area of application is when the market professional recommends investments. The adviser, under those circumstances, has a clear duty to make sure he or…
This Week In Securities Litigation (Week of May 8, 2023)
Last week the Commission announced its largest whistleblower award in the history of the program. More rules were also announced, this time regarding Form PF and the repurchase of shares. The agency also filed a series of enforcement actions. The…
Trends in SEC Enforcement: 2022 – A Cop on Every Corner – Conclusion
The year 2022 was good by any measure for SEC Enforcement. To be sure limitations imposed on the investigative process by the great COVID pandemic persisted. Investigative testimony was taken by remote, not sitting across a conference room table from…
This Week In Securities Litigation (Week of May 1, 2023)
Last week the Commission did not file any new enforcement actions, contrary to what they have done for weeks. There is no doubt however as we have repeatedly noted in this space that the number of cases is not determinative…