The U.S. Securities and Exchange Commission recently charged an investment adviser with illegal allocation of trades based on statistical results, implying that statistically eliminating chance for certain profitable trades proves a fraudulent motive. However, that is not always the case, and one should not base “intent” on statistical analyses. Click the link below to read the Law360 guest column by Tiago Duarte-Silva and Nicolas Morgan.
What CFPB enforcement history reveals about future priorities
The authors analyze the enforcement activity under each of the directors who served the CFPB since its inception and the civil money penalties collected by...