Back to the Supreme Court is the story for SEC administrative proceedings. While many thought that the reforms implemented four years ago in the wake of the High Court’s decision in Lucia resolved the issues it turns out that there
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.
SEC Administrative Proceedings: Back to the Supreme Court
The SEC and Respondents in administrative proceedings may start to believe they are caught in time travel – back to the future. Four years ago the U.S. Supreme Court decided Lucia v. SEC, 138 S.Ct. 2044 (2018). There the High…
Alliance Global Investors, Three Portfolio Managers Charged with Fraud
Offering fraud cases are frequently the largest group of actions filed during any period by the Commission. Many of the cases have common elements: A scheme centered on some catchy product tied to crypto or some other trendy asset group;…
This Week In Securities Litigation (Week of May 16, 2022)
Much of the business world is fascinated with Elon Musk and Twitter. The speculation is rampant – will he buy it now that the share price has dropped significantly, drop the deal, renegotiate it or . . . it goes…
SEC Enforcement: 1Q22 (Part III)
This is the concluding segment to a three-part series analyzing the enforcement actions filed during the first quarter of this year. The first segment reviewed and discussed the statistics for the quarter and identified the largest categories of cases. The…
SEC Enforcement: 1Q22 (Part II)
This report, like those previously published regarding other time periods, is divided into three segments. Part I presented the statistics for the first quarter of 2022. It notes in part that the largest categories of cases for the period were:…
This Week In Securities Litigation (Week of May 9, 2022)
The Commission continued to focus largely on offering fraud cases and those centered on microcap fraud. One variation involved a “charitable” offering fraud. The Defendants essentially diverted money to themselves from those who were receiving government disability benefits through a…
SEC Enforcement: 1Q22 (Part I)
I. Introduction This is the first of two articles discussing the cases initiated by the Commission’s Enforcement Division during the first quarter of 2022. While it is always prudent to be careful when analyzing the results from one quarter, properly…
This Week In Securities Litigation (Week of May 2, 2022)
The Commission launched an enforcement action this week against family office Archegos. The Department of Justice and the CFTC also filed actions against the firm. While investment advisers have long been key targets of enforcement officials, the same cannot be…
The Collapse of a Huge Family Office
A family office is not typically at the middle of what the Commission alleges was a $36 billion house of cards. Family offices are by definition funds that manage of family assets. The investment vehicle become more popular in recent…