Over the past 35 years, the overall number of enforcement actions taken annually by the SEC has consistently risen. In 1985, the SEC brought about 300 such actions. In recent years, that number has hovered above 800. In 2019, the SEC took 862 total enforcement...
Ford O’Brien Legal Blog
The Platinum Case: How One Defendant Lost Even Though He Won
Increasingly, judges and lawyers are calling attention to the excesses of white-collar sentencing under the federal sentencing guidelines. Defendants found guilty of economic crimes have never been especially sympathetic, to put it mildly, so this trend is noteworthy...
Former MiMedx CEO and COO Convicted on Securities Fraud Charges
In 2019, the former CEO and COO of MiMedx were indicted for allegedly engaging in a fraudulent scheme to inflate the Georgia-based wound care company's revenue. Roughly a year later, both men have been found guilty on securities fraud charges. Specifically, former CEO...
Update on SEC vs. Gentile
The U.S. District Court for the District of New Jersey issued an order in the matter of U.S. Securities and Exchange Commission v. Gentile. The order dismissed the amended complaint filed by the SEC seeking an injunction against former government informant Guy Gentile.
Ford O’Brien Attorneys Recognized in 2020 New York Metro Super Lawyers!
Join us in congratulating three Ford O'Brien attorneys who were recently recognized in this year's New York Super Lawyers and Rising Stars lists! Kevin J. O’Brien is named as a New York Super Lawyer Adam C. Ford is named as a New York Super Lawyer Matthew A. Ford is...
PPP loan fraud: Investigators to expand scrutiny
Millions of businesses have been able to survive during the pandemic with the help of the CARES Act’s Paycheck Protection Program (PPP), which has provided 5.2 million loans totaling about $525 billion. However, since the CARES Act was passed in March, the Justice...
Ex-CEO of Hertz settles federal charges in accounting scandal
Former Hertz Chairman and CEO Mark Frissora agreed to repay the car rental company nearly $2 million in incentive-based compensation stemming from charges that he facilitated fraudulent financial statements. The charges – related to a Securities and Exchange...
Under Armour receives Wells notice amid SEC probe
In July, the U.S. Securities and Exchange Commission (SEC) sent Wells notices to Under Armour and two of its executives. The notices of possible enforcement action are part of a probe into the activewear company's accounting practices, which the SEC claims may have...
SEC issues notice seeking forensic tools for monitoring blockchains
The U.S. Securities and Exchange Commission (SEC) is looking for forensic tools to more closely monitor the crypto industry, particularly with regard to blockchain smart contracts. The regulator issued a notice on July 30, requesting solicitations from companies that...
FINRA sanctions target unauthorized solicitation of cryptocurrency investments
A former broker was recently sanctioned by the Financial Industry Regulatory Authority (FINRA) for allegedly engaging in outside cryptocurrency business activities. According to FINRA, the ex-Wells Fargo broker attempted to start a cryptocurrency company without first...
