All posts by Jovalin Dedaj

DOJ Criminal Division Issues Comprehensive Guidance on Corporate Compliance Programs

Chris Casey
Chris Casey
Forrest Hansen

By Chris Casey, Forrest Hansen and Jovalin Dedaj

On April 30, 2019, the U.S. Department of Justice (“DOJ”) issued the most comprehensive guidance that the DOJ has provided on how prosecutors should evaluate corporate compliance programs (“Policy”).  In a speech announcing the Policy, Assistant Attorney General for the Criminal Division, Brian A. Benczkowski expressed the DOJ’s desire “to provide additional transparency” to companies in designing and implementing compliance programs.

Continue reading DOJ Criminal Division Issues Comprehensive Guidance on Corporate Compliance Programs

The Second Circuit Loosens The Reins On Insider Trading Prosecutions

By Jovalin Dedaj

After an intervening decision by the United States Supreme Court last year and a rare rehearing of oral argument in March, the Second Circuit has affirmed the conviction of Matthew Martoma, a former portfolio manager at S.A.C. Capital Advisors. In doing so, the Second Circuit has signaled a substantial shift in insider trading law by reversing course from its 2014 decision, which made prosecuting insider trading cases more difficult. Continue reading The Second Circuit Loosens The Reins On Insider Trading Prosecutions

Reining in the SEC: The Supreme Court Limits Disgorgement to a Five-Year Statute of Limitations

By Mauro M. Wolfe and Jovalin Dedaj

In yet another setback for the SEC, the Supreme Court unanimously decided that disgorgement actions, a cornerstone of SEC enforcement, are subject to a five-year statute of limitations. Continue reading Reining in the SEC: The Supreme Court Limits Disgorgement to a Five-Year Statute of Limitations

Home-Field Advantage? Scrutinizing the Independence of the SEC’s ALJs

By Eric R. Breslin, Mauro M. Wolfe, and Jovalin Dedaj

In the last few weeks, the SEC and its administrative law judges (“ALJs”) have tested the truthfulness of the old adage, “There’s no such thing as bad publicity.”

On May 3, 2017, the United States Court of Appeals for the Tenth Circuit denied the SEC’s request to rehear a decision, in which the Court determined that the SEC’s administrative law judges were unconstitutional appointments. That decision was just another setback for the SEC in a high-stakes constitutional debate which could potentially put the issue of how the SEC appoints its ALJs before the Supreme Court. Later this month, much to the dismay of the SEC, the United States Court of Appeals for the D.C. Circuit will rehear arguments in its decision, which initially held in favor of the SEC. Continue reading Home-Field Advantage? Scrutinizing the Independence of the SEC’s ALJs

Time is Running Out for the SEC: The Circuit Split on Limiting SEC Disgorgement to a Five-Year Statute of Limitations Signals an Impending Major Change

By Mauro M. Wolfe and Jovalin Dedaj

Under the new Administration, we have been promised a new tone regarding how Government interfaces with the market.  This “change” is of particular interest to those who defend matters before the SEC.  Will we see a change from “broken windows” enforcement where everything matters to a more traditional, and possibly, more friendly regulatory environment?  Winding its way through the courts is an SEC life-altering moment: does the SEC concede that there is a five-year statute of limitations on enforcement cases including disgorgement?  As far as penalties and fines are concerned, the Supreme Court has already ruled on that issue and said it does.  The SEC lost that one.  The question remaining is whether the Supreme Court will apply the same limitation to disgorgement and how the new SEC leadership will respond.  The short answer is that such a limitation should apply.  Continue reading Time is Running Out for the SEC: The Circuit Split on Limiting SEC Disgorgement to a Five-Year Statute of Limitations Signals an Impending Major Change