Media Mentions
2007
Eugene I. Goldman was quoted in an October 19 article published by Registered Rep Magazine regarding whether it is better to fight than to make a deal with the Financial Industry Regulatory Authority (FINRA). A recent analysis indicates that litigating against the FINRA enforcement division would achieve better results in comparison to the relief sought by FINRA staff. Mr. Goldman did a study in 1998 and 2000 that showed enforcers at the SEC often lose cases heard by their own administrative law judges. The recent FINRA analysis shows hearing panels often reduced suspension periods and reduced requested bars to suspensions. "One of the most important things to a broker and the employer is whether they have to 'take a vacation,' as we call it," said Mr. Goldman. "It does appear that this is an area where it may be worth fighting. But the key missing ingredient is what the settlement posture was before it went to hearing."
Eugene I. Goldman, SEC Defense, Trial
2006
Eugene Goldman was interviewed on the WUSA television channel 9 news on November 17 in regard to a pro bono case he is handling on behalf of a the Equal Rights Center of Greater Washington and individual plaintiffs against the District of Columbia Lottery board, alleging that it is granting lottery licenses to stores that are inaccessible to disabled citizens in violation of the American with Disabilities Act (ADA). McDermott is partnering with the Washington Lawyers' Committee for Civil Rights on this representation. McDermott summer associates gathered our evidence and surveyed hundreds of lottery sites for compliance with ADA requirements. To view the story, visit http://www.wusa9.com/news/news_article.aspx?storyid=53731.
Eugene I. Goldman, Pro Bono, Trial
Eugene Goldman was interviewed on September 19 by Bloomberg Radio about the Hewlett-Packard spy-on-board controversy.
Eugene I. Goldman, Corporate Responsibility, Trial
Eugene Goldman was quoted by Dow Jones, Reuters and CFO. com on April 12 regarding the SEC action and settlement with client PKF, a UK auditing firm.
Eugene Goldman was quoted by Dow Jones, Reuters and CFO. com on April 12 regarding the SEC action and settlement with PKF, a UK auditing firm.
Eugene I. Goldman, Corporate Responsibility, Trial
2005
Eugene Goldman was interviewed on Bloomberg Radio on December 14 in regard to the SEC investigation into Hollinger.
Eugene I. Goldman, Securities Litigation, Trial
Eugene Goldman was quoted by Reuters on September 29 in an article reporting the SEC had given subpoena power to its investigators in a probe of sales of HCA Inc. stock by Senate Majority Leader Bill Frist.
Eugene Goldman was quoted in the August 29 issue of Tire Business regarding "Wells notices" issued by the SEC. Mr. Goldman commented, "There are times when the Wells notice goes out and no action is brought." He said "If the company's restated, then they've already taken a hit in the marketplace. The issue is whether the SEC has uncovered additional things that would cause them to restate more." He outlined the potential enforcement action. The first tier applies to violations that don't involve fraud or substantial investor losses and carries fines of $50,000 per violation. The second tier applies to violations that include fraud, deceit or deliberate disregard of regulatory requirements but without significant shareholder losses and carries fines of $500,000 per violation. The violations can be multiplied by financial reports affected or other metrics, but fines have room for negotiation.
Eugene I. Goldman, Corporate Responsibility, Corporate Responsibility - SEC Enforcement, Securities Litigation, Trial
Eugene Goldman was quoted in the January 9 issue of the Los Angeles Times on whether the SEC is lessening its zeal for tough enforcement. Over the past two years, SEC has hired more than 1,100 staff members. "They're adding attorneys. They're adding accountants. They're adding investigators," commented Gene. "Their settlement demands make us litigate for clients more than ever before. I don't see how that can mean less enforcement."
Eugene I. Goldman, Corporate Responsibility, SEC Defense, Securities Litigation, Trial
2004
Eugene Goldman was quoted by The Wall Street Journal Online on October 15 in regard to the U.S. Securities and Exchange Commission increasing their technology budget. Mr. Goldman commented on the SEC's move to convert paper documents into searchable electronic files. "They are moving as much as they can away from paper," he commented. Mr. Goldman, who left the SEC enforcement division in 1983, recalls investigators would dig through boxes of documents, tagging relevant items and creating an index of contents. "It took a lot longer back then," he recalled.
Eugene I. Goldman, SEC Defense, Securities Litigation, Trial
Eugene Goldman was quoted in the September 28 issue of The Wall Street Journal in regard to Fannie Mae's Chief Financial Officer J. Timothy Howard's decision to sell millions of dollars of stock during the period that is now under accounting scrutiny by regulators. Mr. Goldman said the key question [under the relevant SEC rule] is whether Mr. Howard had material non-public information when he entered into his stock-sales plan. "In other situations, the SEC has charged people with insider trading [if the insider was] disposing of company stock while aware of financial irregularities," commented Mr. Goldman. "What you don't know is what is it that he knew before he entered into the plan."
Eugene I. Goldman, Corporate Responsibility, Trial
Eugene Goldman was quoted in the August 14 issue of National Post in an article reporting on some recent developments that illustrate that American companies are realizing that routine cursory checks on overseas internal controls are not always enough. Mr. Goldman, who spent much of last year advising clients on how to clean up their overseas offices, commented, "Some of the advice is on simple revenue recognition. Asking local managers to match up contracts with deliveries."
Eugene I. Goldman, Corporate Responsibility
Eugene Goldman was quoted by Dow Jones Newswire in an article that appeared in WSJ.com on July 16 in regard to Martha Stewart's civil lawsuit by the Securities and Exchange Commission. Mr. Goldman commented that barring Stewart from the boardroom is the real threat in the SEC's legal action, so if she can settle with the agency without a ban "it may be worth her while."
Eugene I. Goldman, Trial, White-Collar Criminal Defense
Eugene Goldman was quoted in the July 13 issue of New York Daily News in regard to Google choosing to place their shares on Nasdaq rather than the NYSE in its upcoming IPO. Mr. Goldman commented, "That it certainly would have helped the NYSE (had Google chosen it) and would have been a damaging public relations blow to the Nasdaq."
Eugene I. Goldman, Corporate, Securities
Eugene Goldman was quoted by Reuters on March 30 in regard to the possibility that the New York Stock Exchange will be sanctioned by the U.S. Securities and Exchange Commission for failing to properly supervise its floor traders. The article reported that some commission members are considering fining the NYSE or altogether removing the exchange's ability to regulate itself, even though the NYSE has implemented structural changes under John Reed. "All of the changes would certainly have impact on deterring the Commission from launching a nuclear bomb on the exchange in the regulatory context. But if they feel there was a serious breakdown, the SEC will probably proceed with disciplinary measures," commented Mr. Goldman.
Eugene I. Goldman, Corporate Responsibility, SEC Defense, Securities, Securities Litigation, Trial
Eugene Goldman was quoted in the Washington Post on February 28 in response to the federal judge throwing out the most serious criminal charge against Martha Stewart. Mr. Goldman commented that as a result of this decision, "Corporate executives who want to deny government charges can breath easier because the judge has confirmed that the government has to provide specific evidence that 'proclamations of innocence were made with intent to deceive shareholders.'"
Eugene I. Goldman, Corporate Responsibility
Eugene Goldman was quoted in the February 20 issue of Christian Science Monitor regarding the whether Martha Stewart will testify. If she does take the stand two issues that she will have to address will be the phone message from Peter Bacanovic, her stockbroker, that she allegedly changed, and Stewart's version of the story in regards to Sam Waskal selling his imClone stock. "I think the jury is very curious about why she changed the message," commented Mr. Goldman. "Why would she sit down at her secretary's chair and use the mouse on her computer and erase a message and type something else. Why did you panic?" Mr. Goldman also said he would want to ask Stewart if and when she heard that Waskal was selling.
Eugene I. Goldman, Corporate Responsibility, Trial
Eugene Goldman was quoted "Why CEOs Should Hope Martha Walks," published in Fortune magazine on February 9. The article points out that according to legal experts, the prosecution's case stretches the scope of securities laws in ways that threaten to muzzle all top executives. For example, Mr. Goldman said, "If the government wins the ability to proclaim your innocence gets watered down."
Eugene I. Goldman, Corporate Responsibility, Trial
Eugene Goldman was quoted in the February 6 issue of the Baltimore Sun in an article reporting on the Martha Stewart trial. The article reports that the securities fraud charge against Stewart for falsely proclaiming her innocence to shareholders in her company could impact how other executives publicly react to accusations of wrongdoing. "Whether or not [prosecutors] win against Stewart, the charges will cause chief executive officers to huddle very closely with their counsel, on what, if anything, they can say publicly about charges that have been disseminated by the prosecutors," commented Mr. Goldman.
Eugene I. Goldman, Corporate Responsibility, Trial
2003
Eugene Goldman was quoted in two recently released Reuters wire stories regarding John Reed’s (NYSE's interim chief) proposed array of reforms. On November 12, Mr. Goldman commented that SEC Chairman William Donaldsan’s support of the new reform plan would probably blunt the impetus toward a full-fledged regulatory split at the NYSE. "I don’t think (the SEC will) do anything to disrupt the Reed reforms. As they continue to look at the issue, they are going to be looking at the NASD regulation model." On November 13, Mr. Goldman was quoted in a story regarding John Reed’s plan to install board members of the NYSE who are independent from the financial service industry. Mr. Goldman commented that the SEC will "keep a watchful eye over the issue of severing the regulatory business of the exchange. The creation of an independent board will be viewed by the SEC as a first step, but probably not the last step."
Eugene I. Goldman, Corporate Responsibility, SEC Defense, Securities
Eugene Goldman was quoted in the November 8 issue of Financial Times regarding the NYSE’s continued governance reforms. Mr. Goldman commented that cases where regulation has been separated from an exchange's trading business have been well received by the SEC. The best example is the split between the NASD and the Nasdaq stock market.
Eugene I. Goldman, Corporate Responsibility, SEC Defense, Securities
Eugene Goldman was quoted in the November/December 2003 issue of Corporate Board Member magazine in the article, "The SEC vs. Eliot Spitzer: Whose Turf Is This?" Mr. Goldman commented that it is possible that a compromise could be reached regarding proposed legislation that as part of a broader securities act would reduce the states’ ability to supersede the SEC's brokerage regulations with their own, so there are not 50 different sets of rules. "I think there needs to be a mechanism that would require the state to consult with the SEC before it attempts to impose these kinds of business conditions. If the SEC has no problem, fine. If it does, the state would have to defer to the SEC."
Eugene I. Goldman, Corporate Responsibility, SEC Defense, Securities
Eugene Goldman was quoted by CBS MarketWatch on June 7 regarding the SEC's action against Martha Stewart. Mr. Goldman commented that prosecutors must prove that Stewart knew that receiving information from a stockbroker about another client breached Merrill Lynch's stockbroker duty. Mr. Goldman also commented on the SEC's insider trading charges in the Chicago Tribune on June 10. "I know of no case where knowledge of an insider's trading being communicated by your stockbroker results in liability for insider trading," he commented.
Eugene I. Goldman, Corporate Responsibility
Eugene Goldman appeared on CNBC's News with Brian Williams on June 3 and Bloomberg radio on June 4 in regard to Martha Stewart's indictment by a grand jury. He was also quoted on Forbes.com on June 5. "While much of the evidence outlined in the 41-page indictment may resurface in the civil case, a judge could still rule that some of it is inadmissible," Mr. Goldman commented.
Eugene I. Goldman, Corporate Responsibility, Securities
Eugene Goldman appeared on CNBC's Closing Bell program on May 14. Mr. Goldman was interviewed on issues arising from the SEC's hearings on whether hedge funds should regulated.
Eugene I. Goldman, Securities, Securities Litigation
Eugene Goldman appeared on CNBC's Squawk Box program on April 11. Mr. Goldman was interviewed on the SEC's plan to in examine whether unregistered hedge funds should be regulated, and SEC fraud actions against hedge funds.
Eugene I. Goldman, SEC Defense, Securities
Eugene Goldman made his eleventh appearance on CNBC's Squawk Box program on April 11. Mr. Goldman was interviewed on the SEC's plan to in examine whether unregistered hedge funds should be regulated, and SEC fraud actions against hedge funds.
Eugene I. Goldman, Corporate Responsibility, Corporate Responsibility - SEC Enforcement
Eugene Goldman appeared on CNBC's Squawk Box program on January 23. Mr. Goldman was interviewed on the SEC's rule to compel mutual funds to disclose their proxy voting on corporate governance and other issues. He was also interviewed on Bloomberg Television on the same subject on January 22.
Eugene I. Goldman, Corporate Responsibility
2002
Eugene Goldman appeared on the CNBC's Squawk Box on December 6. Mr. Goldman was interviewed by economist Larry Kudlow on the SEC's proposed rules that would require mutual funds to disclose their proxy voting record.
Eugene I. Goldman, Corporate Responsibility - SEC Enforcement, Securities
Eugene Goldman appeared on CNBC's Squawk Box on December 3. Mr. Goldman was interviewed about the greater likelihood that clients will litigate against harsher Sarbanes-Oxley penalties sought by the SEC's Enforcement Division, and the need for the Bush Administration to take the opportunity to give a major boost to the SEC's 2003 budget and promptly fill the leadership void following the resignation of Chairman Harvey Pitt.
Eugene I. Goldman, Corporate Responsibility, Corporate Responsibility - SEC Enforcement
Eugene Goldman appeared on CNBC's Squawk Box on October 24. Mr. Goldman was interviewed about the SEC's efforts to insulate the preparation of research reports issued by investment banks from the investment banks' underwriting of public offerings.
Eugene I. Goldman, Corporate Responsibility
Eugene Goldman was quoted in the October 7 issue of Investor Relations Business regarding increased bureaucracy and regulations to avoid accounting loopholes. Mr. Goldman argued that the reason accounting scandals became such an issue was because the SEC was under-funded and understaffed, not because its lawyers were taking it easy.
Eugene I. Goldman, Corporate Responsibility
Eugene Goldman appeared on CNBC's Squawk Box on September 19. He was interviewed about prosecutors' efforts to freeze assets in a manner making it difficult for a defendant to post bond pending trial. Mr. Goldman was also interviewed on congressional, SEC and DOJ interest in investment banks handing out valuable initial public offering shares to officers and directors of companies that selected the investment banks to conduct their public offerings on August 29.
Eugene I. Goldman, Corporate Responsibility
Eugene Goldman was quoted in the September 9 issue of Securities Week regarding the Sarbanes-Oxley Act. Mr. Goldman commented that the new law prohibits executives from "misleading" auditors, but that the term "misleading" is not defined and therefore leaves the door open for questions.
Eugene I. Goldman, Corporate Responsibility
Eugene Goldman was quoted in the September 5 issue of National Journal's Technology Daily regarding the new corporate responsibility laws. Mr. Goldman said the law, which creates an accounting oversight board and requires company executives to certify the veracity of their firms' financial statements, may have problems because of the ground it is trying to cover, yet the regulations do add a needed transparency.
Eugene I. Goldman, Corporate Responsibility
Eugene Goldman was quoted in the September 1 issue of Mergers & Acquisitions Journal regarding new corporate governance legislation and its effect on corporate deals. "The increased transparency will increase people's comfort levels because the improved oversight of financial reporting will make the final product more accurate," commented Mr. Goldman.
Eugene I. Goldman, Corporate Responsibility
Eugene Goldman appeared on CNBC's Squawk Box on August 29. Mr. Goldman was interviewed on Congressional, Securities & Exchange Commission and Department of Justice's interest in investment banks handing out valuable initial public offering shares to officers and directors of companies that selected the investment banks to conduct their public offerings.
Eugene I. Goldman, Corporate Responsibility
Eugene Goldman was quoted in a Yahoo News Brief on August 8 in regard to the chief executives' certifications as mandated by Congress and the Securities & Exchange Commission. Mr. Goldman commented, "It is an effort to put personal responsibility on those in charge of the information that's being distributed. The certification may form an independent basis for enforcement action."
Eugene I. Goldman, Corporate Responsibility
Eugene Goldman made his fourth appearance on the CNBC show Squawk Box on August 5. Mr. Goldman was interviewed by noted economist Lawrence Kudlow on recent securities law prosecutions and CEO/CFO certifications of financial statements.
Eugene I. Goldman, Corporate Responsibility, Securities
Eugene Goldman was quoted in the July 29 issue of The Wall Street Journal regarding the corporate oversight bill recently passed by Congress, which increases the role of the SEC. Mr. Goldman commented on the boost of the SEC resources, which, "will result in more cases being brought [and] that will contribute to the ability of class-action lawyers to piggyback on the SEC's efforts." He concludes by saying that as a result there could be heightened exposure for accounting firms.
Eugene I. Goldman, Corporate Responsibility, SEC Defense, Securities
Eugene Goldman appeared on the CNBC show Squawk Box on July 15. Mr. Goldman was interviewed on SEC priorities and securities litigation.
Eugene I. Goldman, Corporate Responsibility, Securities Litigation, Trial
Eugene Goldman appeared on the CNBC show Squawk Box on June 18. Mr. Goldman was interviewed on insider trading issues, including what the SEC looks for in an investigation and the types of defenses that can be raised.
