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“Spoofing” as Fraud: A Novel and Untested Theory of Prosecution
By Jodi Misher Peikin and Justin Roller
The DOJ has signaled its intent to pursue prosecutions for spoofing — which the law defines as “bidding or offering with the intent to cancel the bid or offer before execution” — aggressively. This article begins with a brief discussion of the elements that the government must prove to establish commodities fraud and wire fraud. It then examines recent spoofing prosecutions that raise important questions about the applicability of the traditional fraud statutes to spoofing-related activity. How the federal courts answer these open questions will have significant implications for participants in the commodities markets.
FCA Cases: Convincing DOJ to Move to Dismiss
By Jacqueline C. Wolff
Recent actions by the DOJ suggest that although the DOJ may continue to prosecute certain relators’ FCA cases, other relators may find themselves on the other side of a government motion to dismiss.
By Kate Monks
The Ninth Circuit affirmed the majority of an $11 million jury verdict brought by a whistleblower who claimed that his company fired him for raising concerns about possible FCPA violations.
FCA and Statute of Limitations: A Puzzle for the Supreme Court
By Jonathan S. Feld, Eric Klein and Andrew VanEgmond
The FCA is not a model of clarity. In a certiorari petition in United States ex rel. Hunt v. Cochise Consultancy, the U.S. Supreme Court will address an area of uncertainty that has led to a three-way circuit split regarding the FCA’s statute of limitations. Depending on the outcome, FCA defendants could end up facing even more claims up to a decade old or, alternatively, have a new limitation on FCA actions upon which to rely.
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