Common Law Bank Secrecy and its Implications for US Securities Laws

Abstract

The year 1986 did not bode well for investment banker Dennis Levine. In a civil injunctive action the US Securities and Exchange Commission (SEC or the Commission) alleged that Levine, through an insider dealing scheme, violated several anti‐fraud provisions of the Securities Exchange Act of 1934. Without admitting or denying that he obtained over $12m in illicit profits from secretly trading in the securities of 54 companies, Levine settled the SEC action and was ordered to disgorge over $10m to the court.

Citation

Erbstein, B. (1999), "Common Law Bank Secrecy and its Implications for US Securities Laws", Journal of Money Laundering Control, Vol. 2 No. 4, pp. 331-351. https://doi.org/10.1108/eb027200