Insider Tip on Cocktail Napkin Nets Securities Fraud Charge

A Watertown, Massachusetts, man has been convicted of securities fraud after a federal jury in Boston found him guilty of profiting from an insider trading tip he received on a cocktail napkin at a golf club.  He was acquitted of a separate charge of conspiracy to commit securities fraud. Real estate developer Robert H. Bray, … Continued

First Circuit Vacates SEC Sanctions Against Two Bank Execs

The U.S. Court of Appeals for the First Circuit has vacated a Securities and Exchange Commission (SEC) order that imposed sanctions against two State Street Bank and Trust Co. executives, saying that the SEC had abused its discretion in assessing liability to the two bankers. In Flannery v. SEC, the SEC brought charges against State … Continued

Understanding the Definition of White Collar Crime

White collar crime refers to deceptive acts that are designed to produce some type of financial gain.  White collar offenses are financial crimes and do not involve any violent or drug-related criminal behavior; in fact, many perpetrators of white collar crimes are typically involved in legal businesses and may even be well-respected members of the … Continued

Dallas Broker Sentenced in Securities Fraud Case

A Dallas, Texas, securities broker has been sentenced to three years in federal prison and ordered to pay more than $1.5 million in restitution after pleading guilty to one count of securities fraud. Wade Lawrence, 43, worked as a broker in the Dallas office of Oppenheimer & Co., Inc., from June 2008 until July 2011.  … Continued

Texas Supreme Court Rules Life Settlements Are Securities Subject to Texas Securities Act

The Texas Supreme Court has ruled that fractionalized life settlement interests are securities required to be registered under the Texas Securities Act, overturning its 2004 decision in Griffitts v. Life Partners where the high court reached a contrary result. Fractionalized life settlement interests provide investors with a percentage share of the death benefits in life … Continued

U.S. Supreme Court Resolves Circuit Split on Whether Statements of Opinion in Registration Statements are Actionable under the Federal Securities Laws

Earlier this year, the U.S. Supreme Court delivered its opinion in Omnicare Inc. v. Laborers District Council Construction Industry Pension Fund, ending a circuit court split on how statements of opinion in registration statements are actionable under the Securities Act of 1933. In a unanimous decision, the high court reversed a Sixth Circuit ruling that … Continued

DOJ Data Shows White Collar Crime Prosecutions at 20-Year Low

A report by Syracuse University’s Transactional Records Access Clearinghouse shows that federal prosecution of white collar crime is at its lowest level in the last 20 years, down more than 36% from 1995.  For 2015, white collar crime prosecutions are estimated to be 12.3% lower than one year ago and 29.1% lower than five years … Continued

Texas Supreme Court Rules Life Settlements Are Securities Subject to Texas Securities Act

The Texas Supreme Court has ruled that fractionalized life settlement interests are securities required to be registered under the Texas Securities Act, overturning its 2004 decision in Griffitts v. Life Partners where the high court reached a contrary result. Fractionalized life settlement interests provide investors with a percentage share of the death benefits in life … Continued

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