Government Enforcement Defense

Our trial lawyers have extensive experience aggressively defending clients in high-profile cases against the government. Our criminal and regulatory practice is primarily cross-border, often involving simultaneous investigations by law enforcement authorities in several countries. We are one of the only firms with former U.S. prosecutors permanently stationed in offices in Asia, Europe and the Middle East.


Publications April 21, 2021

Benjamin Sauter, Jonathan Cogan and Lydia Halpern on Standing Up to the CFTC’s Wash Trading Theories in Traders Magazine

The U.S. Commodity Futures Trading Commission (CFTC) has a reputation of overreach, asserting aggressive legal theories in hopes of bulldozing companies into submission. Their target now is on wash trading but, as Kobre & Kim’s Benjamin Sauter, Jonathan Cogan and Lydia Halpern write in Traders Magazine, their theories are just as dubious as before, and traders should not be afraid to push back.

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Publications April 14, 2021

Evelyn Sheehan and Amanda Tuminelli Pen Article on the New U.S. Administration’s Anti-Corruption Efforts in Latin America

With the new U.S. administration expected to double down on anti-corruption enforcement efforts, and with recent legislation providing them new tools to do so, high-net-worth individuals (HNWIs) in Latin America are likely to be the focus of scrutiny. Kobre & Kim’s Evelyn Sheehan and Amanda Tuminelli examine the impending risks in an article for the Anti-Corruption Report.

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Publications April 14, 2021

Bill McGovern on New SEC Chair Gary Gensler’s Potentially “Historic” Leadership

With the U.S. Senate confirming Gary Gensler as chair of the U.S. Securities and Exchange Commission (SEC), Kobre & Kim’s Bill McGovern, a former SEC branch chief, sat down with Compliance Week to explore how Gensler will lead the agency.

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Publications April 8, 2021

Scott Hulsey and William McGovern Survey U.S. Corporate Fraud and Corruption Enforcement Trends in Q&A

In a Q&A for Financier Worldwide, Kobre & Kim’s Scott Hulsey and William McGovern examined the latest trends in U.S. corporate fraud and corruption enforcement.

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Client Alert March 26, 2021

Successfully Fighting a Spoofing or Market Manipulation Subpoena from the DOJ or the CFTC Copy

  • The U.S. government has set its sights on market manipulation and “spoofing” among both traditional and digital currency traders.
  • For the trading firms and other market participants who could be in the government’s crosshairs, now is the time to plan how you will respond to a subpoena.
  • Traders and trading firms that find themselves on the receiving end of a subpoena related to spoofing or market manipulation should not immediately assume that cooperation is the best or only way to respond.

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Client Alert March 12, 2021

Don't Stand Passive Against Anti-Competitive Behavior: U.S. Court Endorses Private Sector Antitrust Tools

  • Companies often believe that the only remedy for anti-competitive behavior comes from government intervention.
  • However, as a recent U.S. appeals court decision illustrates, private parties can obtain relief themselves, even against “consummated” mergers approved by government regulators.
  • This creative strategy is just one of many that companies can deploy by themselves when facing competitive challenges.

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Publications March 10, 2021

Benjamin Sirota and David McGill on Antitrust and Financial Services in Part 3 of Antitrust Podcast Series

Financial services institutions often focus on the actions of enforcers like the Securities and Exchange Commission and the Commodity Futures Trading Commission in assessing their exposure.  And rightly so.  What they may fail to consider, however, are the antitrust risks of their business dealings, particularly as government enforcement agencies and private parties increasingly employ antitrust perspectives. 

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Publications March 2, 2021

Calvin Koo Pens Article in Wealth Briefing Asia on the Legal Risks for Asia-Pacific Investors Interested in Bitcoin

Bitcoin’s rise in price has coincided with its rise in attractiveness for a growing number of investors, including ultra-high-net-worth individuals (UHNWIs). However, UHNWIs and their advisers should be wary of potential legal exposure as legal regimes are evolving around the world, including in Asia-Pacific, Kobre & Kim’s Calvin Koo writes in Wealth Briefing Asia.

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Publications March 2, 2021

Benjamin Sauter Speaks with Cointelegraph on U.S. State vs Federal Digital Currency Regulation

Days before New York reached a settlement with digital currency trading platform Bitfinex after a long investigation, Ripple Labs registered as a business in Wyoming, underscoring the Swiss-cheese state of U.S. digital currency regulation and Wyoming’s effort to become the country’s digital currency center. Kobre & Kim’s Benjamin Sauter analyzed the current regulatory framework when he sat down with Cointelegraph.

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Publications March 2, 2021

Kobre & Kim Lawyers in CoinDesk Op-Ed: The Dangers of Calling the GameStop Rally “Market Manipulation”

The rise and fall of GameStop, Dogecoin and other meme stocks have left day traders and institutional investors angrily accusing each other of market manipulation. However, as Kobre & Kim’s Benjamin Sauter, Steven Perlstein, William McGovern and David McGill explained in an op-ed for CoinDesk, both sides may come to regret this shortsighted argument.

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Firm News February 24, 2021

Court Grants Brady Motion for Kobre & Kim Client in Criminal Spoofing Case

U.S. District Judge John Z. Lee of the Northern District of Illinois today granted a motion by Kobre & Kim client John Pacilio and his co-defendant seeking to compel the Department of Justice (DOJ) to search the files of the U.S. Commodity Futures Trading Commission (CFTC) for materials discoverable under Brady v. Maryland

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Publications February 23, 2021

Benjamin Sirota, Nicholas Surmacz and Joshua Huang on Antitrust and Offensive Investigations in Part 2 of “Antitrust” Podcast Series

Around the world, government-led antitrust actions and associated private litigation—such as the ongoing “techlash” phenomenon in the United States—are on the rise.   Many companies naturally view this trend as creating risk and possible exposure.  But companies are also advised to consider how to deploy antitrust tools offensively.

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Publications February 19, 2021

Kobre & Kim Lawyers in Bloomberg Law: New Wire Fraud Theory Targets Securities and Digital Currency Traders

As a result of recent developments, U.S. regulators and prosecutors are “armed with a new tactic” to use criminal wire fraud charges to target securities and digital currency traders, Kobre & Kim’s David McGill, Jonathan Cogan, Sean Buckley and Benjamin Sauter wrote in an article for Bloomberg Law.

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Events February 5, 2021

Evelyn Sheehan Leads Course on International Anti-Corruption Investigations

Kobre & Kim’s Evelyn Sheehan led a discussion focused on international anti-corruption investigations as part of the International Chamber of Commerce (ICC) Mexico Virtual Diploma in Anti-Corruption program, ongoing from September 2020 until April 2021.

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Publications February 4, 2021

David McGill Discusses Implications of GameStop Rally with Compliance Week

As U.S. financial regulators meet to discuss the wild market swings in GameStop and other stocks, Kobre & Kim’s David McGill told Compliance Week that what happened may just be “the tip of the iceberg.”

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