Broker-Dealers & Investment Advisers

Thomas A. Sporkin quoted in S&P Global article, “How OTC Markets fights stock fraud enabled by 'fake news'”

Thomas A. Sporkin was quoted on August 7, 2018 in a S&P Global article, “How OTC Markets fights stock fraud enabled by 'fake news,'” which focused on the new twist on pump-and-dump schemes that includes stock promoters, corrupt executives, or criminals using websites to inflate stock prices...

District Court dismisses breach of contract suit against Connecticut firm

On May 1, the U.S. District Court for the District of Connecticut dismissed a malpractice suit brought against a Connecticut-based law firm for allegedly inducing a Boston-based mortgage/mezzanine lender and its Delaware-based trustee (plaintiffs) to enter into a contract resulting in a loss of...

Courts, Lending, Contracts

Global Securities Firm Agrees to Pay Million Dollar Penalty Related to Alleged Securities Fraud Scheme

On October 26, the United States Attorney for the District of Connecticut announced a non-prosecution agreement between the office and a global securities firm. The resolution was a result of a government investigation, which concluded that the firm perpetrated a scheme to defraud its customers in...

Federal Issues, RMBS, Mortgages, Investigations

CFTC Enters into First-Ever Non-Prosecution Deals in Spoofing Investigation

On June 29, the Commodity Futures Trading Commission (CFTC) entered into non-prosecution agreements with three futures traders who admitted to engaging in “spoofing” in the U.S. Treasury futures market between 2011 and 2012 (see non-prosecution agreements here , here , and here ). Spoofing involves...

Securities, Litigation, Federal Issues, CFTC, Broker-Dealer, Enforcement

Thomas A. Sporkin Quoted in The New Yorker Article, “The Watchdogs Keeping Wall Street in Check”

Thomas A. Sporkin was quoted on May 15, 2017 in The New Yorker article, “The Watchdogs Keeping Wall Street in Check.” The article discussed the reality and expectations of compliance officers and stated, “Compliance officers are supposed to keep banks, hedge funds, and other companies out of...

Members of the House Financial Services Committee Weigh in on Rollout of the DOL Fiduciary Rule

On March 17, GOP members of the House Financial Services Committee sent a letter to Acting Labor Secretary Ed Hugler expressing their support for the Department of Labor’s (DOL’s) proposal to delay the implementation of its Fiduciary Rule from April 10 until June 9. The letter asserts, among other...

Securities, DOL Fiduciary Rule, Fiduciary Rule, House Financial Services Committee, Agency Rule-Making & Guidance, Investment Adviser

White House Calls for “Regulatory Reform Task Forces”; OMB Sends Guidance Memorandum to Heads of Departments and Agencies

On February 24, President Trump signed an Executive Order directing the “head of each agency” to establish a “Regulatory Reform Task Force,” led by a designated “Regulatory Reform Officer,” who is responsible for reviewing existing regulations and making “recommendations to the agency head...

Agency Rule-Making & Guidance, Federal Issues, Executive Order, OMB, Trump

Tom Sporkin Quoted In Bloomberg Article, "FXCM to Forgive Majority of Clients Who Incurred Negative Balances "

Tom Sporkin was quoted in Zeke Faux and Silla Brush's Bloomberg article, "FXCM to Forgive Majority of Clients Who Incurred Negative Balances," on January 28, 2015. Brokerages usually try to get their money back in such situations, said Thomas Sporkin, a securities lawyer at Buckley Sandler LLP in...

Buckley Sandler to Expand Criminal & Civil Enforcement Practices with Addition of Thomas A. Sporkin, Chief of the Office of Market Intelligence at the SEC

WASHINGTON / NEW YORK (May 31, 2012) – Buckley Sandler LLP , a nationally recognized financial services and criminal and civil enforcement defense law firm with offices in Washington, Los Angeles and New York, announced today that Thomas A. Sporkin, Chief of the Office of Market Intelligence (OMI)...