The future of Fintech is a continuing saga. As technology continues to rapidly evolve it impacts not just finance but much of the surrounding environment. For regulators like the Commission the rapid evolution of tech presents the continuing challenge of
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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.
This Week In Securities Litigation (Week of October 25, 2021)
Chair Gensler raised two key points regarding environmental disclosures in remarks before the Financial Stability Oversight Counsel on October 21, 2021. First, with respect to issuers, the Chair noted that the “SEC has a role to play in cases like…
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SEC Enforcement: A Review of 3Q21 (Part II)
Introduction Part I of this article provided an overview of the actions brought by the Commission’s enforcement program during the third quarter of calendar year 2021 or the fourth quarter of the government fiscal year. During that period the program…
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SEC Enforcement: A Review of 3Q21 (Part I)
Introduction The new Director of the Enforcement Division, Gurbir Grewal, assumed his position during the Third Quarter of 2021. Even if he hits the ground running it typically takes time to adjust to the environment. Mr. Grewal brings a substantial…
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This Week In Securities Litigation (Week of October 18, 2021)
It is back to the future for the Division of Enforcement. Going forward the Division will focus on rebuilding trust, long a goal of the program, according to recent comments of its new Enforcement Director (here). One key element of…
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The New SEC Enforcement Program: Trust & Fairness
Last week new enforcement director Gurbir Grewal made his first public remarks at PLI’s SEC Speaks 2021 (October 13, 2021, here). Mr. Grewal is the former Attorney General of New Jersey. He also served in the U.S. Attorney’s Office for…
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This Week In Securities Litigation (Week of October 11, 2021)
Complex exchange traded products were one of the key agenda items for the Commission last week. New products were recently approved. Nevertheless, three Commissioners expressed concern about the complexity of the products, the adequacy of the disclosure and the use…
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Complex Products: Are They Investments?
Earlier this month the Commission approved two new complex financial products. Despite the approval, the new products sparked comments from Chair Gensler (here) and, in a separate but joint statement, Commissioners Allison Herren Lee and Caroline A. Crenshaw (here). While…
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This Week In Securities Litigation (Week of October 4, 2021)
The Commission has a full plate of issues to consider, ranging from payment for order flow to crypto. This past week, however, the focus was on how many cases were filed for the just ended government fiscal year. The Commission…
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Wash Sales and Maker-Taker Fees
Maker-taker fees and payment for order flow are much discussed topics. SEC Chair Gensler, had repeatedly talked about payment for order flow, for example, suggesting that he wants to reform the process. Whether and when that may happen is an…
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