SEC Investigations, Accounting and Disclosure Fraud: Critical Issues for 2016 and Beyond
Since 2014, the Securities and Exchange Commission (SEC) has renewed its focus on identifying accounting fraud and violations on issuer disclosure. Despite declines in the number of enforcement actions over the years involving accounting issues, recent activities suggest that SEC has a long-term intent to focus on financial reporting and disclosure cases.
Whether SEC comes knocking with an informal inquiry or a formal investigation, it is always crucial that this will be taken seriously. The manner in which a firm respond early on to SEC is just as important as mitigating potential pitfalls of noncompliance. In this two-hour LIVE webcast, a panel of distinguished professionals and thought leaders assembled by The Knowledge Group will help analyze key developments in SEC enforcement efforts in relation to accounting fraud and financial disclosure cases for 2016 and beyond. The panel will also provide best practices in developing and implementing an effective compliance program and techniques to identify red flags and deter fraudulent schemes for companies to ensure compliance with regulations and avoid hefty penalties.
Among other items, the panel will address:
- The Accounting Quality Model and Financial Reporting and Audit Task Force
- The Role of Whistleblowers in Financial and Accounting Fraud Cases
- Discussion on Significant Issues for Financial Statement Disclosures
- Results of Recent Litigations and Current Issues Arising from SEC Administrative Proceedings
- Recent SEC Enforcement Efforts with Case Citations
- Key Techniques to Identify Fraudulent Schemes and Best Practices in Developing an Effective Compliance Program
Jay A. Dubow, Partner
Pepper Hamilton LLP
- Focus on Individuals, Yates Memo
Elizabeth P. Gray, Partner
Willkie Farr & Gallagher LLP
- Non-GAAP disclosure
- Auditor independence
- Use of data to develop investigations
- Use of experts
William P. Barry, Partner
Richards Kibbe & Orbe LLP
- High level, how SEC is doing this
Who Should Attend:
- CFOs & Finance Executives
- Controllers, CPAs
- Auditors (Internal & External)
- Financial Fraud Practicing Lawyers
- Senior Financial Management
- Fraud Monitoring Officers
- Fraud Analysts
- Compliance Officers
- And Other Interested Professionals
Jay A. Dubow is a partner with Pepper Hamilton LLP, resident in the Philadelphia office. He is a member of the firm’s White Collar Litigation and Investigations Practice Group and is co-chair of the Securities and Financial Services Enforcement Group. Mr. Dubow focuses his practice on complex business litigation, with a special emphasis on defending against shareholder derivative and securities class action litigation and representing clients involved in investigations by the U.S. Securities and Exchange Commission, the Pennsylvania Department of Banking and Securities and various self-regulatory organizations, including the Financial Industry Regulatory Authority, Inc. He also conducts internal investigations on behalf of clients. Such investigations have included allegations involving the Foreign Corrupt Practices Act (FCPA), whistle blower claims, financial fraud, and civil and criminal violations of various federal and state laws.
Mr. Dubow first joined Pepper in 2007 from another Philadelphia law firm, where he was a partner in the litigation and corporate departments and a member of the executive committee. In 2008, he joined a client, Advanta Corp., as senior vice president, general counsel and chief administrative officer. He returned to Pepper in 2011. Mr. Dubow began his career as a branch chief in the Division of Enforcement of the U.S. Securities and Exchange Commission in Washington, D.C.
Active in local and national bar associations, Mr. Dubow is a leader in the American Bar Association’s Business Law Section and currently serves as chair of the Securities Litigation Subcommittee of the Business and Corporate Litigation Committee.
Jay A. Dubow is a partner with Pepper Hamilton LLP, resident in the Philadelphia office. He is a member of …
William Barry is a partner and member of the Executive Committee at Richards Kibbe & Orbe LLP. He advises clients on a broad range of issues involving securities enforcement, white collar and securities fraud litigation, as well as compliance with The Foreign Corrupt Practices Act, money laundering and insider trading requirements.
Mr. Barry guides clients through the complex issues involved in cross-border transactional due diligence and risk mitigation as well as responding to inquiries from the U.S. DOJ, SEC and other domestic and international regulators regarding issues of accounting fraud, foreign bribery and other financial crimes. He also represents clients responding to competing demands in parallel proceedings, such as internal reviews, government investigations and private civil actions.
Mr. Barry has been recognized in the area of White Collar Criminal Defense by The Legal 500 United States and has been designated as a Certified Anti-Money Laundering Specialist by ACAMS.
William Barry is a partner and member of the Executive Committee at Richards Kibbe & Orbe LLP. He advises clients …
Elizabeth P. Gray is a partner in the Litigation Department. Elizabeth is nationally recognized in the area of securities regulation and enforcement, with significant experience in asset management, broker-dealer, cybersecurity, FCPA and accounting matters. She represents investment advisers, investment companies and their boards, broker-dealers, accounting firms and other institutions and senior executives facing investigation, litigation and examination by financial regulators. Elizabeth represents boards of directors and trustees in conducting independent internal investigations and advises them on corporate governance matters, including cybersecurity risk and regulation.
In addition to more than 15 years of private sector experience, Elizabeth formerly served for 12 years at the U.S. Securities and Exchange Commission, including as Assistant Director in the SEC’s Division of Enforcement and as counsel to SEC Chairman Arthur Levitt.
Elizabeth is recognized nationally among the leading individuals practicing in the area of Securities Regulation: Enforcement in Chambers USA
(2010-2016), Financial Services Regulation: Broker Dealer (Enforcement) in Chambers USA (2014-2016) and Securities Regulation, Litigation and Capital Markets in The Best Lawyers in America (2010-2017).
In 2016, Law360 named Elizabeth among the 25 Most Influential Women in Securities Law, an elite list including current and former senior regulators and private practitioners who have achieved impressive success in securities litigation and enforcement.
Elizabeth P. Gray is a partner in the Litigation Department. Elizabeth is nationally recognized in the area of securities regulation …
Print and review course materials
Method of Presentation:
Experience in corporate law
NASBA Field of Study:
Accounting - Technical
NY Category of CLE Credit:
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About Pepper Hamilton LLP
Pepper Hamilton LLP is a multi-practice law firm with more than 500 lawyers nationally. The firm provides corporate, litigation and regulatory legal services to leading businesses, governmental entities, nonprofit organizations and individuals throughout the nation and the world. Our firm has grown from a two-person law office formed in 1890 in Philadelphia to a large, sophisticated law firm with a national and international practice.
Pepper’s Securities and Financial Services Enforcement Group is a client-centric group of lawyers with particularized expertise in the enforcement process. The group was created to recognize the reality that companies that provide financial services are multi-faceted and, therefore, are subject to a wide range of regulatory regimes. Our goal is to meet you, the client, where you are; not to try to pigeon-hole your needs into a pre-existing practice group. To that end, we have combined the talents of many lawyers with different areas of expertise into one cohesive unit with a singular goal in mind: To help public and private companies providing financial services weather the storm of an ever-expanding regulatory and litigious environment and respond rapidly and forcefully to increased scrutiny by the government, its agencies and self-regulatory organizations.
The Dodd-Frank Wall Street Reform and Consumer Protection Act made many sweeping changes to the regulatory oversight of the financial services industry – including public companies and their employees. Dodd-Frank created a new independent consumer watchdog agency, the Consumer Finance Protection Bureau (CFPB), and has caused a renewed focus on the industry by the Federal Trade Commission, the U.S. Department of Justice (DOJ) and U.S. attorneys’ offices nationwide, the Securities and Exchange Commission (SEC), the Internal Revenue Service (IRS) and state attorneys general, as well as by federal and state banking regulators. Dodd-Frank oversight extends to OTC derivatives, the security-based and non-security-based swap markets, and the proprietary trading of hedge and private equity funds.
About Richards Kibbe & Orbe LLP
Richards Kibbe & Orbe LLP has long been a go-to firm in the fields of cross-border enforcement, government investigations and criminal defense. We have a proven record of navigating difficult regulatory and criminal issues, from high profile investigations, parallel criminal and regulatory proceedings to the latest hot-button international enforcement situations.
For 25 years, RK&O has helped clients facing potential scrutiny in multiple jurisdictions and confronting severe civil, criminal and reputational penalties. Our highly skilled team draws on the key attributes of the firm: our renowned white-collar practice, our proficiency in regulatory counseling, our ability to seamlessly manage parallel proceedings and our vast cross-border experience.
The RK&O team understands the enforcement perspective and can foresee future challenges lurking around the corner. We deeply understand the importance of international cooperation and the complications of regulatory exposure in multiple jurisdictions.
About Willkie Farr & Gallagher LLP
Willkie Farr & Gallagher LLP provides strategic legal representation and counsel to market-leading public and private companies worldwide. We combine core experience—in asset management, business reorganization and restructuring, M&A, private equity, corporate and securities law, intellectual property, complex litigation, regulatory compliance and real estate—with other key disciplines to deliver practical solutions for business-critical transactions and bet-the-company litigation. Willkie's Asset Management practice, with over 40 years of experience, is a leader in the fund industry, providing an extensive array of legal services to all types of funds and their managers, directors, shareholders, clients and service providers. Our Commodities/Derivatives Group regularly advises commodity pool operators, commodity trading advisors and institutional participants on regulatory compliance programs and exchange-traded futures and options.