Category: Admissions


SEC’s “Neither Admit nor Deny” Settlements Continue to Draw Controversy

Posted on May 12th, by and in Admissions, Insider Trading, Neither Admit Nor Deny, Settlements. Comments Off on SEC’s “Neither Admit nor Deny” Settlements Continue to Draw Controversy

Recently, Judge Harold Baer of the U.S. District Court for the Southern District of New York reluctantly approved the SEC’s “neither admit nor deny” insider trading settlement with Ronald Dennis, a former analyst with CR Intrinsic Investors, a hedge fund affiliated with S.A.C. Capital Advisors. See SEC v. Dennis, No. 14 Civ. 1746 (S.D.N.Y. Apr. 22, 2014). To settle the SEC’s charges, Dennis agreed, without admitting or denying the allegations regarding his misconduct, to a permanent bar from the securities industry and to pay $95,351 in disgorgement, $12,632 in prejudgment interest, and a civil penalty of $95,351. Notably, Dennis was not charged criminally.

In its recently filed complaint against Dennis, the SEC alleged that Dennis participated in the now-infamous insider trading scheme involving Dell securities. More specifically, the SEC alleged that from 2008 through 2009, an unnamed Dell insider provided material … Read More »


“Neither Admit nor Deny” Settlements at the SEC

Posted on March 27th, by in Admissions, Neither Admit Nor Deny, SEC Guidance, Settlements. Comments Off on “Neither Admit nor Deny” Settlements at the SEC

In January 2012, the SEC announced that it would vary from its well-established practice of settling with defendants and respondents on a neither admit nor deny basis.  The change has affected only matters in which defendants were resolving parallel criminal proceedings—i.e., guilty pleas, non-prosecution agreements, and deferred-prosecution agreements—in which they are required to “admit” their misconduct. The announcement came after a number of courts criticized the staff for allowing defendants to settle without admitting or denying soon after making plea allocutions in which they expressly admitted to the same conduct. Although some observers thought it did not go far enough, the policy has generally been met with little controversy and has received even less attention.

On June 18, 2013, SEC Chair Mary Jo White announced an expansion of the “admit” policy, and explained that while “neither admit nor deny” settlements would remain the … Read More »




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