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U.S. Consumers Lost More than B to Fraud in 2023, FTC Says

The Federal Trade Commission said Friday that it plans to boost efforts to address scammers amid FTC data showing U.S. consumers lost more than a record $10 billion to fraud in 2023, a 14% increase from 2022. Investment scams took the most money, with consumers reporting losses of more than…

Get a Warrant: The Government’s Unconstitutional Practice of Subpoenaing Private Text Messages Directly from Personal Cell Phones

With the rise in government subpoenas directly to individuals demanding that they turn over their private text messages on their personal cell phones, lawyers should be on the lookout for potential Fourth Amendment violations. The U.S. Department of Justice (DOJ) and U.S. Securities and Exchange Commission (SEC) practice of subpoenaing…

Interpretation in Context—A Litigation Scenario (Part 1)

Last time, we looked at interpretive strategies designed to avoid anti-fraud regulatory regimes like those skirted in Enron and other corporate fiascos. But what of laws that can support readings that can fairly be interpreted to allow or prohibit certain business practices? Statutes that are open textured and vague (like…

Sidley, Milbank, Foley & Lardner and Simpson Land Defense Roles on SEC Action

The Securities and Exchange Commission’s latest enforcement action — charging several broker-dealers and investment advisers for recordkeeping violations — has sent a wave of defense work to a group of big law firms. Defense counsel for 16 companies and firms charged by the SEC include Foley & Lardner, Milbank, Sidley Austin, and…