BROWSE BY TOPIC
- Bad Brokers
- Compliance Concepts
- Investor Protection
- Investments - Unsuitable
- Investments - Strategies
- Investments - Private
- Rules & Regulations
- Bad Advisors
- Boiler Rooms
- Terminations/Cost Cutting
- Wall Street News
- General News
- Donald Trump & Co.
- Regulatory Sanctions
- Big Banks
Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
Getting Closer to Coming Full Circle on Dewey & LeBoeuf
by Howard Haykin
The SEC reports that a federal district court entered judgments on consent on September 5 and 6, 2018 against former executives of Dewey & LeBoeuf, LLP - Francis Canellas, Thomas Mullikin, and Steven Davis - in connection with their roles in a fraudulent $150 million bond offering undertaken by the now defunct international law firm. In the settlements, which resolve completely the cases against Canellas, Mullikin, and Davis:
- Canellas agreed to pay $43,000 in disgorgement and prejudgment interest.
- Mullikin agreed to pay $9,000 in disgorgement and prejudgment interest.
- Davis agreed to be prohibited from acting as an officer or director of a public company and to pay a $130,000 civil penalty.
In its complaint, filed on March 6, 2014 in federal district court in Manhattan, the SEC alleged that Dewey's 2010 bond offering fraudulently relied on the firm's materially misstated financial results for 2008 and 2009, which were incorporated into the private placement memorandum (“PPM”) for the offering and provided to investors. The SEC alleged that Canellas (Dewey's then director of finance), along with Dewey's former CFO, orchestrated a scheme to falsify Dewey's financial statements and provide the false financial statements to investors. The SEC also alleged that they instructed Mullikin (Dewey's then controller) and others in the finance department, to carry out the scheme. Davis (Dewey's then chairman), who was aware of the fraudulent adjustments, made key decisions concerning the offering, including approving the offering and signing off on the private placement memorandum.