• central clearing and the extent, if any, to which transparency can be achieved;
• the international landscape for capital flows under any such regime; and
• the opportunities for the parallel platforms of exchanges and the OTC marketplace.

Please join Andrea S. Kramer, McDermott Will & Emery; and Robert M. MacLaverty, FTI Consulting as they address these questions and your own questions in a free webcast.

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Dassin was the acting United States attorney for the Southern District of New York from December 2008 until Preet Bharara was confirmed by the Senate in August 2009.  He previously served as deputy United States attorney, and worked for nearly a decade as a prosecutor in two separate stints.

Read the NY Times article

What Preet Bharara Spent to Get Galleon (The New York Observer)
New York Observer | November 6, 2009
Preet Bharara spent some serious money to listen in on Galleon Group founder Raj Rajaratnam, and the 19 others charged in that vast insider-trading network. Tapping one phone, for one month, costs $60,000 dollars.

Were Alleged Insider Traders Watching Too Much of ‘The Wire’ (Matt Phillips, WSJ)
The Wall Street Journal | November 5, 2009
Were the accused in today’s insider trading doings watching too much of “The Wire,” or not enough? Zvi Goffer – who is accused of operating an “insider trading network” – is also said to have “provided coconspirators with prepaid cellular telephones so that they could communicate in a manner that reduced the chances of detection by law enforcement.” This is highly reminiscent of season three of “The Wire,” in which the inner city Baltimore drug gang at the center of the critically acclaimed HBO series takes to using and then discarding pre-paid cellphones – called “burners” – in an effort to frustrate police surveillance efforts.

FCPA Professor: Was the DOJ’s FCPA Enforcement Action Against Siemens Award-Worthy?
FCPA Professor | November 3, 2009
The DOJ recently awarded distinguished service awards to eight individuals involved in its Siemens FCPA enforcement action. But was the DOJ’s FCPA enforcement action against Siemens award-worthy or did it represent a farcical facade of enforcement?

How Did Madoff Go Bad? (Compliance Building)
Compliance Building | November 3, 2009
For me, one of the issues with Madoff was “What made him go bad?” Personally, I don’t think he intended to start off with a Ponzi scheme. Most Ponzi schemes start off legitimate, then something goes wrong. They fudge the returns hoping to make it up later. Those later returns are elusive and the promoter keeps the lie going. According to an SEC interview, that is what happened to Madoff.

The FCPA’s Thwarted Intent (The FCPA Blog)
FCPA Blog | November 2, 2009
Does the DOJ consider the impact of FCPA enforcement on delicate international political relationships? I see absolutely no evidence that it does. Indeed, I would politely throw down the gauntlet and challenge anyone to provide an account of Justice’s foreign policy vision of FCPA enforcement that requires more than just a couple sentences to articulate.

Bernie and the Blowhard (Daily Intel, NY Mag)
New York Magazine | November 2, 2009
A report once filed by the SEC about BLM Securities noted that Bernie Madoff was a “wonderful storyteller,” and now he’s putting that skill to good use: by telling stories about the SEC. The most entertaining portion of the report released by SEC overseer David Komansky last Friday are Bernie’s vivid stories of his interactions with William Ostrow, an agency examiner.

Lesson from Madoff: Liars Can Thwart an SEC Investigation (Gary Weiss, Seeking Alpha)
Seeking Alpha | November 2, 2009
The 536 exhibits released by the SEC Inspector General late Friday on Bernie Madoff don’t seem to contain any explosive new revelations, but underscore an essential point about SEC investigations: if you are the target of a probe, just lie, again and again. The SEC won’t check up, even if it’s obvious. Ask Bernie.

An Agency Ready to Roar? (Alix Stuart, CFO Magazine)
CFO Magazine | November 2, 2009
The SEC under new chief Mary Schapiro has gotten off to a slow start on the enforcement front, but attorneys expect a burst of energy in 2010. Attorneys say they’re already seeing a difference in the SEC’s intensity when it comes to pending litigation, and they expect that to continue.

For Galleon Executive, Swagger in the Spotlight (Alex Berenson, NYT)
The New York Times | November 2, 2009
Now federal prosecutors in Manhattan have charged Mr. Rajaratnam and five other people with insider trading. They have wiretaps and a cooperating witness to support their case. But both the case against Mr. Rajaratnam and the man himself are more complex than they may first appear.

Full details are available in this post on my Enforcement Action blog over at Compliance Week.

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As previously discussed here, federal prosecutors in New York initially charged four people, including Contorinis, criminally in an insider trading case in February 2009.

The indictment alleges that Nicos Stephanou, an associate director of mergers and acquisitions at UBS AG’s London office, “had access to and learned material information about merger and acquisition transactions. Stephanou provided Contorinis, and others known and unknown, with UBS insider information” from 2004 to 2006.

Read the Bloomberg article