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Jury Convicts Billionaire Stanford over Role in $7 Billion Ponzi Scheme

Texas billionaire R. Allen Stanford was convicted March 6 in the U.S. District Court for the Southern District of Texas on fraud and obstruction charges stemming from his alleged operation of a decades-long, $7 billion Ponzi scheme involving fraudulent certificates of deposit (United States v. Stanford, S.D. Tex., Cr. No. H-09-342, 3/6/12).

In a release that day, prosecutors said that after a six-week trial and three days of deliberation, jurors found Stanford liable on 13 of the 14 counts with which he was charged.

BNA INSIGHTS: Securities Enforcement 2011 — What Hath Dodd-Frank Wrought?

For the SEC’s Division of Enforcement, 2011 was a year of extremes — record breaking enforcement activity contrasted with a highly publicized challenge to one of the fundamental aspects of its program…

Government Issues Sweeping Guidance for Foreign Banks under Foreign Account Tax Compliance Act

Banks in foreign jurisdictions and the U.S. received sweeping guidance on the next major phase of implementation of the Foreign Account Tax Compliance Act, in nearly 400 pages of eagerly awaited rules that practitioners said show positive responses to industry concerns…

BNA INSIGHTS: Is Civil Loss Causation Applicable to Federal Criminal Sentencings?

The Supreme Court’s 2005 decision in Dura Pharmaceuticals, Inc. v. Broudo is the seminal authority on the appropriate measure of loss caused by a defendant’s fraudulent conduct in a civil securities fraud action…

Grand Jury Charges Three Swiss Bankers with Concealing Assets for U.S. Taxpayers

A federal grand jury in New York Jan. 3 indicted three Swiss men working as client advisers to a Swiss bank for helping U.S. taxpayers hide more than $1.2 billion in assets…

SEC, DOJ Announce $95 Million Settlement In Bribery Actions Against Deutsche Telekom, Hungarian Unit

Magyar Telekom, Hungary’s largest telecommunications provider, and majority owner Deutsche Telekom agreed to pay over $95 million to settle charges that they bribed government and political party officials in Macedonia and Montenegro, the Department of Justice and Securities and Exchange Commission announced Dec. 29…

Fed Launches New Phase in Bank Oversight with Tougher Rules for Systemic Institutions

The Federal Reserve Board Dec. 20 asked for comment by March 31 on a tougher set of regulatory standards for financial firms critical to the well-being of the financial system, leaving some specific items, such as a special risk-based surcharge, to be addressed in follow-up proposals…

ANALYSIS: New U.S. Registration Requirement For Foreign Boards Of Trade

The CFTC recently promulgated rules requiring the registration of FBOTs that provide U.S. members and participants with direct access to the FBOTs’ electronic trading and order matching systems…

BNA Insights: A World of Whistleblowers: What Companies Should Know About Dealing With Third Parties Going Forward

The new United States whistleblower program is global in scope and provides incentives to a broad array of individuals. The new rules incentivize a much wider array of individuals than merely corporate insiders to become watchguards of corporate compliance with federal securities laws…

BNA INSIGHTS: The Consumer Financial Protection Bureau’s Authority to Regulate ‘Abusive’ Consumer Financial Products and Services

The Bureau of Consumer Financial Protection (CFPB) has been given a broad and vaguely-defined power to prohibit and punish “unfair, deceptive, and abusive financial practices.”…

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